Stocks bounced back in a big way Thursday, with gains from the tech sector and the Magnificent 7 helping lift the broader market. All three major indexes snapped their three-day skids, with the Dow and Nasdaq each finishing with triple digit gains.
In the aftermath of the Fed's rate hike yesterday, bond yields moved lower today, while investors appeared to largely shrug off the latest jobs data. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), dipped below 16, snapping a three-day win streak.
Oil Prices Slip as Gold Rebounds
Oil prices moved lower Thursday amid reports that Saudi Arabia could soon reroute crude exports through the Strait of Hormuz. West Texas Intermediate crude fell 52 cents to settle at $101.91 per barrel.
Gold, meanwhile, bounced off the previous session’s nearly six-week low as lower oil prices and a weaker U.S. dollar offered support. December-dated gold futures added 0.4% to finish at $4,404.80 an ounce.
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