Stocks Rebound as Oil Prices and Bond Yields Pull Back After Fed Rate Hike
Markets recovered some losses following a sell-off triggered by the Federal Reserve's quarter-point rate increase and signal of another possible hike this year, CNBC reported.
U.S. stocks rose as oil prices and bond yields retreated, helping markets recover from a sell-off linked to the Federal Reserve's latest interest rate decision, according to a CNBC report published Wednesday.
The Federal Reserve raised the overnight funds rate by a quarter percentage point in a move that had been widely anticipated by markets, CNBC reported. The central bank also signaled that another rate hike could come later this year, according to the report.
The rate increase had initially triggered a decline in stock prices, but equities recovered as oil prices and bond yields moved lower, CNBC reported. The report did not provide specific figures on the extent of the stock market gains or the movement in oil prices and bond yields.
CNBC's report was part of its ongoing coverage of stock market activity for the trading session.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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