US Stocks Bounce Back as Oil Prices Dip and Treasury Yields Cool
The US stock market closed higher on Thursday as falling oil prices and Treasury yields eased inflation concerns. The Dow Jones Industrial Average rose 0.6% to 51,461.90, while the Nasdaq 100 added 1.7% to 28,945.06.
Nvidia's CEO Jensen Huang announced plans to double chip sales next year due to AI technology integration across various industries. This news contributed to gains in semiconductor ETFs such as the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX), which rose above 2.8% and 3.5%, respectively.
The drop in crude oil prices provided additional tailwinds for stock indexes, with West Texas Intermediate crude losing nearly 1% to hover near $101 a barrel. This pullback followed reports that Saudi Arabia plans to boost crude deliveries to refiners across Asia, easing fears of supply shocks.