Stocks rallied on Thursday, recovering from a sharp drop the previous day after the Federal Reserve announced its first interest rate hike in three years. The initial sell-off was triggered by Fed chair Kevin Warsh's tough talk on inflation, which raised concerns about further tightening. However, investor nerves were calmed as bond yields and oil prices fell, prompting a fresh rally in equities. By around 10:15 a.m. ET, the S&P 500 was up 0.93%, the Dow Jones Industrial Average had gained 0.45%, and the Nasdaq 100 had risen 1.59%.
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