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 have rebounded on Thursday, regaining much of their losses for the week. Falling oil prices and easing pressure from the bond market contributed to Wall Street reversing many of its prior day's movements. The Federal Reserve had raised its key interest rate for the first time in years and indicated more hikes may follow as it attempts to curb the country's high inflation.
The S&P 500 surged by 0.9 percent, and was poised for its second gain in nine days. The Dow Jones Industrial Average climbed 213 points, or 0.4 percent, as of 11 a.m. Eastern time, while the Nasdaq composite rose 1.4 percent. Stocks received a lift after the price of a barrel of Brent crude oil fell by 2.3 percent to $103.38, down significantly from the near $110 it had reached earlier in the week due to concerns that the conflict with Iran would keep oil confined within the Middle East rather than reaching global customers.
Brent, however, remained considerably pricier than the $72 per barrel it cost earlier this summer, but the decline on Thursday aided in lowering bond yields and reducing pressure on the market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
