US stocks rise after oil prices fall and pressure from bond market eases
NEW YORK — U.S. stocks are rising Thursday and recovering most of their losses for the week. Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its moves from the prior day, when the Federal Reserve hiked its main interest rate for the first time in years and suggested more may be ahead as it tries to get the nation’s high inflation under control. The S&P 500 climbed 0.9 percent and was on track for just its second rise in the last nine days. The Dow Jones Industrial Average was up 213 points, or 0.4 percent, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.4 percent higher. Stocks got a boost after the price for a barrel of Brent crude oil slid 2.3 percent to $103.38. That’s down sharply from the nearly $110 it reached earlier in the week on worries that the war with Iran will keep oil bottled up in the Middle East instead of going to customers worldwide. Brent is of course still much more expensive than the $72 per barrel that it cost earlier this summer, but Thursday’s slide helped pull yields lower in the bond...
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