US MARKET CLOSE | Stocks Rise as Tech Rallies and Falling Oil, Treasury Yields Ease Post-Rate-Hike Nerves

US stocks rose Thursday as easing Treasury yields and falling oil prices, along with strength in key technology shares, helped traders recover the prior session's losses and shake off unease following the Federal Reserve's first rate hike in three years, according to Sina Finance. The Dow Jones Industrial Average gained 316 points, or 0.6%; the S&P 500 rose 1.1%; and the Nasdaq Composite advanced 1.7%. Technology stocks drove the broader market higher, with the "Magnificent Seven" all climbing: Nvidia rose 2.55%, Tesla 2.27%, Amazon 2.12%, Microsoft 1.52%, Apple 1.38%, Meta 1.32% and Google 1.28%. Among other stocks tied to the artificial-intelligence trade, Qualcomm rose 2% and Intel gained 7%. Among Chinese concept stocks, the Nasdaq Golden Dragon China Index closed up 0.24%; Haichuan Securities rose 27.92%, Adagene 6.31%, Daqo New Energy 5.48%, Pony.ai 5.11% and Burning Rock 4.79%. Treasury yields retreated, with the 10-year yield falling below 5%, down more than 5 basis points to 4.945%, after climbing back above that key level following Wednesday's Fed rate decision. The dollar index also pulled back after jumping the previous day. Falling oil prices likewise supported stocks. US crude fell less than 1% to about $101 a barrel, while Brent dropped about 1% to roughly $104 a barrel; Brent had topped $109 earlier in the week and fell as much as 2% intraday. Supply-disruption concerns eased amid reports that Saudi Arabia would supply more crude to Asian refiners via ship-to-ship transfers near Oman's Sohar port, while the market judged that export disruptions from a damaged pipeline may be less severe than initially feared. Some analysts attributed Thursday's rebound to investors recalibrating their reading of the Fed's hawkish tone, while others credited the drop in oil. The move marked a bounce from Wednesday's decline, when the Fed raised the overnight federal funds rate by 25 basis points and policymakers signaled another hike could come this year, with Fed Chair Kevin Warsh saying inflation remains too high. Robert Conzo, chief executive of The Wealth Alliance, described Thursday's trading in one word: "relief." He said there was a sense of relief that the Fed is addressing stubborn inflation, but warned markets could still face "extreme" volatility depending on how the Middle East conflict develops, noting that persistently high oil prices would feed into retail prices passed on to consumers and make inflation harder to slow.