US stocks climb as oil and Treasury yields dip
Wall Street bounced back on Thursday as easing oil prices, dropping US Treasury yields and solid labour data helped markets move beyond the Federal Reserve's first interest rate hike in more than three years. All three major US stock indexes closed sharply higher, driven by a broad, tech-led rally that put the Nasdaq out front. "We're seeing interest in the areas of the market that have been hit hard in anticipation of this Fed rate hike," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "And people sort of stepping in, doing a little bit of buying on the pullback." Crude prices dropped, touching a one-week low after supply disruption fears were calmed by reports of Saudi oil moving through Oman. Energy prices have soared since the onset of the US-Israeli war against Iran, feeding into broader global inflationary pressures. On Wednesday, Fed policy makers voted unanimously to raise the Fed funds target rate for the first time since July 2023. The central bank's statement said the Fed was dedicated to bringing about a "timelier return" to its 2-percent inflation goal, setting the table for more tightening this year. "The market is a bit relieved at the Fed's coherence in that they...
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