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U.S. equities climbed on Thursday, supported by a drop in Treasury yields and oil prices as well as gains in key technology stocks, with traders trying to claw back some of the prior day’s losses incited by the first Federal Reserve interest rate hike in three years.
The Dow Jones Industrials reasserted themselves 319.86 points to 51,781.76
The S&P 500 index climbed 82.89 points, or 1.1%, to 7,634.75.
The NASDAQ Composite restocked 424.34 points, or 1.6%, to 26,719.25.
Tech drove the broader market higher. “Magnificent Seven” names Nvidia and Amazon rose 2% each, while fellow member Microsoft gained 1%. Other stocks related to the artificial intelligence trade such as Applied Materials, Qualcomm and Intel advanced 2%, 4% and 3%, respectively.
Beyond tech, industrials offered momentum as well, with stocks like Caterpillar moving up more than 2%.
Prices for the 10-year Treasury sprang up, lowering yields to 4.95% from Thursday’s 5.02%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.27 to $101.16 U.S. a barrel.
Gold prices recovered $17.60 to $4,405.10 U.S. an ounce.
