Dow Jumps About 300 Points as Traders Stay Cautious on Stocks

According to CNBC, U.S. stocks rebounded Thursday after the Federal Reserve raised rates by a quarter point and Chairman Kevin Warsh warned about the risks of persistent inflation, with the Dow Jones Industrial Average up about 300 points after falling more than 600 points Wednesday. The S&P 500 rose 1% and the Nasdaq Composite gained 1.3% as Treasury yields and oil prices fell, giving technology shares a lift. Still, Citadel Securities' Scott Rubner said the supply-demand setup into month-end remains unfavorable and that equities could trade lower over the next two weeks. JPMorgan's trading desk also kept a tactically cautious to neutral stance, saying lower oil and bond yields would turn it bullish and that more downside could emerge if uncertainty persists.