Stocks Rebound as Oil Eases After Fed Hike

U.S. stocks rebounded Thursday after a Fed-driven selloff, with technology and semiconductor shares leading gains as the S&P 500, Dow and Nasdaq rose. Falling oil prices and retreating Treasury yields improved sentiment, with the 10-year yield dropping below 5% after recently reaching its highest level since 2007. Oil eased after Saudi Arabia indicated progress toward restoring capacity on its damaged East-West pipeline, though the broader Middle East conflict continued to threaten supplies and keep crude near $100 a barrel; officials said 18 million barrels of crude and petroleum products had recently passed through the Strait of Hormuz. The Federal Reserve raised its benchmark rate by 25 basis points to a 3.75%-4% target range, its first increase in three years, while projections and Chair Kevin Warsh’s comments signaled another hike could come this year; President Donald Trump criticized the decision and called for rates of 1% or lower. Gulf central banks followed with quarter-point increases, while investors awaited weekly jobless-claims data and further clues about monetary policy.