NEW YORK (AP) \u2014 Stocks rose on Wall Street Thursday, taking back most of their losses from a day earlier, and are on track to notch weekly gains.<\/p>\n
The S&P 500 rose 1%. The Dow Jones Industrial Average rose 103 points, or 0.2%, as of 3:09 p.m. Eastern. The Nasdaq composite jumped 1.5%. Every major index is on track for weekly gains. U.S. markets will be closed Friday for Juneteenth.<\/p>\n
The gains are helping to cut losses from a day earlier that were driven by anticipation that the Federal Reserve will likely raise interest rates this year in an effort to fight inflation. Bond yields are pulling back. That, along with falling oil prices, relieved much of the pressure on stocks.<\/p>\n
The gains were broad and being led by technology stocks. Intel surged 10.3% after President Donald Trump announced that the semiconductor giant will make chips for Apple in the U.S. Other big semiconductor companies gained ground. Nvidia rose 2.5% and Micron Technology jumped 9.1%.<\/p>\n
On the losing end, SpaceX fell for the second straight day since its ballyhooed debut on the U.S. stock market<\/a> last week. The Elon Musk-led rocket maker and AI company was down 6.6% following a 4.9% loss Wednesday.<\/p>\n Oil prices wavered after the United States and Iran signed an agreement<\/a> to end their war and reopen the Strait of Hormuz to oil tanker traffic. Brent crude, the international standard, spent most of the day lower before settling 0.4% higher at $79.85 per barrel. U.S. benchmark crude fell 0.2% to $75.85 per barrel.<\/p>\n Airlines had some of the bigger gains. American Airlines rose 3.3% and United Airlines rose 2.2%. Cruise line company Carnival jumped 3.2%.<\/p>\n Energy companies lost ground. Exxon Mobil fell 2.3% and Chevron fell 2.2%.<\/p>\n Prices for crude oil are still above roughly $70 per barrel from before the war, but are well below the $100-plus price from a few weeks ago.<\/p>\n Higher oil prices have been weighing on markets throughout the U.S. war with Iran. The current deal between the nations waives sanctions against Iran and allows it to sell its oil freely. It also opens up the Strait of Hormuz, where a fifth of the world\u2019s oil supply is shipped.<\/p>\n \u201cWhile investors are welcoming the agreement as a constructive step for geopolitical risk, uncertainty remains elevated around potential flare-ups, the pace of shipping normalization, control of the waterway, the cost of access, and the path forward for Iran\u2019s nuclear program.\u201d said Adam Turnquist, chief technical strategist for LPL Financial, in a research note.<\/p>\n Rising energy costs have been putting more pressure on already hot inflation. The average price of gasoline in the U.S. has dipped below $4 a gallon, but is still 25% higher from a year ago. Prices have been rising for a wide range of goods because of higher shipping costs.<\/p>\n Hotter inflation prompted the Federal Reserve to shift course from cutting its benchmark interest rate to likely raising rates<\/a> by the end of the year. Lower interest rates can boost the economy by making borrowing easier for businesses and households, but it also tends to stoke inflation.<\/p>\n