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Biden administration raises cost of drilling on public lands

Wall Street stocks rose on Thursday, marking a sharp reversal from the previous session as shares in Big Tech companies led the march higher.

The benchmark S&P 500 gauge closed up 0.7 per cent, after a drop of almost 1 per cent on Wednesday triggered by a hotter than expected US inflation reading for March.

The Nasdaq Composite rose 1.7 per cent, more than reversing a 0.8 per cent decline a day earlier.

Large tech companies were among the biggest risers, with Amazon, Alphabet and Microsoft adding 1.7 per cent, 2 per cent and 1.1 per cent respectively. Apple and Nvidia both gained more than 4 per cent.

In government bond markets, the two-year Treasury yield slipped 0.02 percentage points lower to 4.95 per cent, following a heavy sell-off a day earlier.

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