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U.S. stocks rose on Thursday, with traders looking to recover after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a selloff in equities during the previous session.
The Dow Jones Industrials regained 72.15 points to close Thursday at 51,564.70.
The S&P 500 index hiked 80.48 points, or 1.1%. to 7,500.58
The NASDAQ popped 496.28 points, or 1.9%, to 26,517.93.
Markets in the U.S. will be closed Friday for Juneteenth.
Intel led chip stocks higher, rising 10% 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 2% and Micron Technology was higher by more than 9%.
Stocks are on pace to close out the holiday-shortened week in positive territory. The S&P 500 has risen 0.8% week to date, heading for its 11th winning week in 12. The Dow is also on track for an 0.8% gain for the week, while the NASDAQ has jumped 2%.
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.
Prices for the 10-year Treasury rallied, lowering yields to 4.45% from Wednesday 4.50%. Treasury prices and yields move in opposite directions.
Oil prices inched up a penny to $76.80 U.S. a barrel.
Gold prices dropped $146.10 to $4,235.30 U.S. an ounce.
