Wall Street reversed recent losses as cooling oil prices and lower bond yields provided a tailwind for the S&P 500, Nasdaq, and Dow, while AI stocks led the market recovery.
The S&P 500 rallied 1.1% to its best day in six weeks as oil and bond yields eased.
The Nasdaq composite climbed 1.7%, led by a rebound in AI-related stocks.
The Dow Jones Industrial Average gained 316 points, or 0.6%, in the broad market rally.
Brent crude oil fell 1% to $104.82, easing pressure on stocks and bonds.
Nvidia climbed 2.5% as AI stocks rebounded from a global selloff.
Advanced Micro Devices rose 6.4% as AI stocks rebounded.
London's FTSE 100 climbed 1.2% after the Bank of England held rates.
D.R. Horton rose 1.5% as Treasury yields eased, helping homebuilders.
PulteGroup added 1.1% as lower yields supported homebuilder stocks.
Lennar climbed 1.7% despite weaker quarterly results, erasing an early loss.
U.S. stocks posted their best day in six weeks on Thursday as Brent crude prices slipped 1% and the 10-year Treasury yield retreated to 4.93%. The rally was led by a rebound in AI-related tech stocks and gains in the homebuilder sector, signaling investor confidence despite recent Federal Reserve interest rate hikes.
The market rally was driven by a 1% decline in Brent crude oil prices and a retreat in the 10-year Treasury yield, which eased borrowing cost pressures on businesses and consumers.