But the dollar continued to push higher in light of the Fed outlook, while oil prices were mixed as markets try to suss out when the reopening of the Strait of Hormuz will boost crude supply.
Briefing.com analyst Patrick O’Hare said Wednesday’s equity market losses created an opportunity for bullish investors, calling the selloff “catnip for the buy-the-dip crowd” after hawkish elements of the Fed announcement rattled markets.
Major US indices had fallen about one percent or more on Wednesday after newly installed Fed Chair Kevin Warsh highlighted the central bank’s commitment to price stability as the Fed released an updated outlook that raised the inflation forecast and projected a rate hike in 2026.
The broad-based S&P 500 finished up 1.1 percent at 7,500, the blue chip Dow rose 0.1 percent to 51,564, and the tech-heavy Nasdaq rose 1.9 percent to 26,517. (AFP)