Bulls regained control on Thursday as traders looked past Wednesday’s post-Fed selloff, with falling oil prices and strength in technology stocks helping fuel a broad rebound. The Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00% on Wednesday, its first hike since 2023, while leaving the door open to another increase before year-end.

The economic data offered a mixed backdrop, with initial jobless claims unexpectedly falling to 196,000, below the 207,000 estimate, while the Philadelphia Fed manufacturing index came in at 37.8, topping expectations of 31.3. Housing starts were softer at 1.275 million, below the 1.320 million estimate.

The overnight session began near the lows, with S&P 500 futures touching 7,617.50 before buyers stepped in aggressively. The rally carried the contract more than 100 handles higher to a day high of 7,722.25, before sellers pushed futures back into the 7,680s.

Bulls regrouped from there and carried the index back above 7,700. The session concluded in the upper portion of the day’s range at roughly 7,709, gaining about 86 handles from the previous settlement of 7,623. The cash S&P 500 advanced 1.13%.

Friday, market participants can look forward to August industrial production and capacity utilization at 9:15 a.m. ET, followed by Fed Vice Chair for Supervision Michelle Bowman at 9:30 a.m. ET and the Leading Economic Index at 10:00 a.m. ET.

Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer for the second consecutive session. The chip designer advanced by $5.44, or 2.54%, to close at $219.34 for the day.

That performance was more than twice the cash index’s 1.13% advance.

Conversely, the biggest loser ended up being Berkshire Hathaway Inc Class B (NYSE: BRK.B). For the day, the holding company declined by $11.35, or 2.18%, to close at $509.20.