S&P 500 Jumps 1.14% as Treasury Yields Slip Below 5% After Fed Hike
Updated
Updated · CNBC · Sep 16
S&P 500 Jumps 1.14% as Treasury Yields Slip Below 5% After Fed Hike
3 articles · Updated · CNBC · Sep 16
Summary
U.S. stocks rebounded Thursday, with the Dow up 316.14 points, the S&P 500 gaining 1.14% and the Nasdaq rising 1.69% after Wednesday’s Fed-driven selloff.
The recovery was fueled by easing pressure in rates and energy: the 10-year Treasury yield fell more than 7 basis points to 4.93%, while U.S. crude dropped 0.51% to $101.91 and Brent slid 0.95% to $104.82.
Tech led the advance, with Nvidia and Amazon each up more than 2%, Microsoft adding 1.5%, Qualcomm rising 2% and Intel jumping 7%.
Oil retreated after supply disruption fears eased on reports Saudi Arabia would make more crude cargoes available to Asian refiners through ship-to-ship transfers near Oman’s Sohar port.
The bounce came a day after the Fed’s first rate hike in three years and guidance for another possible increase this year, leaving investors still wary that Middle East tensions and elevated oil could keep inflation sticky.