Stocks rise, lifted by falling oil and yields as market attempts comeback after Fed sell-off: Live updates

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 Industrial Average advanced 224 points, or 0.4%. The S&P 500 was up 0.9%, and the Nasdaq Composite added 1.5%.

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%.

Meanwhile, Treasury yields pulled back. The 10-year yield moved below 5%, dropping more than 5 basis points to 4.949%. The yield had risen back above that key level Wednesday following the Fed’s rate decision.

Oil prices declined, which also gave a boost to equities. U.S. crude traded 1% lower, falling to around $100 per barrel. Brent slid 2% to about $102 a barrel. That’s as supply disruption concerns eased after Saudi Arabia reportedly decided to make more crude cargoes available to Asian refiners through ship-to-ship transfers near the Sohar port in Oman.

On Wednesday, the blue-chip Dow lost more than 630 points, or 1.2%. The broad market S&P 500 and Nasdaq ended the session lower as well.

Those moves came after the Fed raised the overnight federal funds rate by a quarter percentage point, bringing the target range to between 3.75% and 4%. Policymakers also signaled another hike could come this year, with Fed Chairman Kevin Warsh saying that inflation remains too high.

Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note on Thursday that his team remained “positioned for further equity gains while preparing for near-term volatility.”

“If tightening remains measured, credit spreads remain stable, and profits continue to grow, the rally should have scope to broaden across sectors and regions,” he said. “We recommend diversified equity exposure while avoiding excessive concentration in areas that are particularly sensitive to interest rates or rely on a single return driver.”