one analyst said stocks are rebounding after falling into oversold territory us stocks trade higher on thursday following a volatile start to the session and may record their first backtoback gains in roughly two weeks us stocks snapped a lengthy losing streak on wednesday with the dow jones industrial average rising 436 points or 14 to 31581 the sp 500 advancing 72 points or 183 to 3980 and the nasdaq composite gaining 247 points or 214 to 11792 for the nasdaq the 7day losing streak was its longest since 2016 stocks shook off early losses to trade higher on thursday despite rising treasury yields a stronger us dollar and hawkish news from the worlds two largest central banks during a discussion hosted by the cato institute federal reserve chairman jerome powell said the fed remained strongly committed to fighting inflation and that it wouldnt be deterred by politics or other distractions i can also assure you that we never take into consideration external political considerations powell said meanwhile the european central bank hiked interest rates by 75 basis points and signaled that more jumbosized rate hikes would likely follow gene goldman chief investment officer at cetera investment management said powells comments largely reiterated the hawkish tone from his jackson hole speech late last month the comments from powell are nothing groundbreaking there was nothing really new he continued to stress the importance of tightening policy to fight inflation goldman said he added that he expects markets will remain rangebound until investors get the next update on inflation in august which is due out tuesday powells comments followed similarly hawkish remarks from fed vicechair lael brainard who said wednesday that higher interest rates would be necessary for some time as well as a wall street journal report hinting at another 75 basis point rate hike from the fed at its meeting later this month elsewhere in north america the bank of canada delivered another 75 basispoint rate hike on wednesday stocks also shrugged off treasury yields and a stronger dollar as the 2year yield rose 18 basis points to 3489 while the 10year yield rose 1 basis point to 3279 the ice us dollar index rose 01 reclaiming the 110 level crude oil prices were also rising on thursday after falling to their lowest levels since russia invaded ukraine one day earlier west texas intermediate crude for october delivery was up 172 or 21 to 8362 a barrel btigs jonathan krinsky said the decline in stocks over the past three weeks had left them in oversold territory meaning the main benchmarks were primed for a bounce the market is shortterm oversold but everyone knows it krinsky said in emailed comments back in europe the euro rallied briefly after the ecb rate hike before turning back lower as focus shifted back toward expectations for another 75 basis point hike from the federal reserve in september the pound also declined against the dollar following the ecb hike and uk prime minister liz truss unveiling details of a gbp150 billion 173 billion support package for households and business struggling with surging power prices on the us economic data front weekly jobless claims data showed layoffs in the us remained near record lows as the number of americans applying for unemployment benefits fell to its lowest level in threeandahalf months hear from carl icahn at the best new ideas in money festival on sept 21 and sept 22 in new york the legendary trader will reveal his view on this years wild market ride