U.S. stocks rose on Thursday, while oil prices declined, with traders looking to recover after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a sell-off in equities during the previous session.
The Dow Jones Industrials regained 166.82 points, to observe noon EDT Thursday at 51,659.37.
The S&P 500 index hiked 67.19 points to 7,492.55.
The NASDAQ shot higher 309.15 points, or 1.2%, to 26,330.83.
Intel led chip stocks higher, rising 9% after President Donald Trump said the company will partner with Apple on designing chips in the U.S.
Fellow semiconductor names such as Nvidia gained 1%, and Micron Technology was also higher by 6%.
Meanwhile, oil prices dropped after Vice President JD Vance said tankers loaded with more than 12 million barrels have moved through the key Strait of Hormuz passageway. This comes after Trump on Wednesday signed a memorandum of understanding with Iranian President Masoud Pezeshkian to end the Middle East conflict.
Wall Street sold off Wednesday after the Federal Reserve’s first meeting with Kevin Warsh as chairman raised worries about monetary policy going forward.
Policymakers’ "dot plot" revealed that nine out of 18 Fed officials now see interest rates increasing in 2026.
Complicating the forecast was Warsh’s decision to abstain from submitting a rate forecast. However, the chairman repeatedly emphasized the goal of achieving “price stability” during the press conference, exhibiting a tone seen as rather hawkish.
Prices for the 10-year Treasury rallied, lowering yields to 4.44% from Wednesday 4.50%. Treasury prices and yields move in opposite directions.
Oil prices sank $2.20 to $74.59 U.S. a barrel.
Gold prices dropped $123.90 to $4,248.50 U.S. an ounce.
