(Updates with latest market prices and developments.)
US benchmark equity indexes were higher intraday as bond yields dropped, a day after the Federal Reserve raised interest rates and signaled a further tightening to combat sticky inflation.
The Nasdaq Composite was up 1.6% at 26,383.2 after midday Thursday, while the S&P 500 rose 1% to 7,630.7. The Dow Jones Industrial Average climbed 0.6% to 51,770.6. The three indexes finished Wednesday trading lower for a third consecutive session.
Except consumer staples, all sectors were in the green intraday Thursday, led by technology.
Treasury yields were lower, with the 10-year yield down 4.9 basis points at 4.96% and the two-year yield falling 3.3 basis points to 4.69%.
On Wednesday, the Fed raised its benchmark lending rate by 25 basis points in a unanimous vote to combat sticky inflation, while signaling another hike later this year.
The US central bank' policy tightening is likely to continue with an aggregate 50 basis points of additional hikes by the end of the first quarter, Deutsche Bank and Macquarie Group said, pointing to what they saw as a hawkish "dot plot."
In a social media post Wednesday, President Donald Trump said interest rates in the US "should be 1%, or less."
In other economic news, US housing starts declined to a three-month low in August amid a sharp drop in multi-family projects as homebuilders grappled with higher financing and material costs.
West Texas Intermediate crude oil edged down 0.2% to $102.18 a barrel intraday, while Brent dropped 1.1% to $104.71.
Generac (GNRC) shares surged nearly 19%, the best performer on the S&P 500. The company said Wednesday it has signed a long-term supply agreement with Amazon (AMZN). Amazon shares were up 2.1%.
Spot gold advanced 2.3% to $4,360.66 per troy ounce, while silver climbed 2.2% to $66.32 per ounce.
