Stocks rise after oil prices fall and pressure from the bond market eases

U.S. stocks rose sharply Thursday, reversing much of the prior day’s losses as pressure eased in both oil and bond markets. The S&P 500 climbed 1% and was set for only its second up move in nine days. The Dow gained 306 points, or 0.6%, and the Nasdaq rose 1.3% by 9:35 a.m. Eastern. Brent crude fell 3% to $102.70 per barrel after being close to $110 earlier in the week amid worries the Iran conflict could tighten global supply. The move helped push bond yields lower; the 10-year Treasury yield fell to 4.95% from 5.01% late Wednesday. Earlier Wednesday, the Fed raised the federal funds rate by a quarter-point for the first hike in more than three years and signaled further increases may come.