US stocks rise after oil prices fall and pressure from bond market eases
NEW YORK — U.S. stocks are rising Thursday and recovering most of their losses for the week. Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its moves from the prior day, when the Federal Reserve hiked its main interest rate for the first time in years and suggested more may be ahead as it tries to get the nation’s high inflation under control. The…
U.S. stocks are climbing on Thursday, regaining nearly all of their losses for the week, thanks to a drop in oil prices and lessening pressure from the bond market. The significant interest rate increase by the Federal Reserve and the hint of more to come as it aims to curb high inflation were the main drivers for Wall Street's reversal of fortunes from the previous day.
The S&P 500 climbed 0.9 percent and was poised for just its second increase in the last nine days. The Dow Jones Industrial Average rose by 213 points, or 0.4 percent, while the Nasdaq composite was up 1.4 percent as of 11 a.m. Eastern time on Thursday. The stocks received a boost after the price of a barrel of Brent crude oil dropped 2.3 percent to $103.38, down sharply from the near $110 it had reached earlier in the week due to fears that the Iran war would keep the oil trapped in the Middle East instead of reaching customers worldwide.
Brent, however, remains significantly more expensive than the $72 per barrel it cost earlier this summer, but Thursday's slide helped lower yields in the bond market and bring relief.
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