US stocks reverse losses to close higher after investors digest rate hike and cheer crucial Russia bond payment

• Stocks turned higher Thursday as Russia made a key payment on its bond obligations.
• The S&P 500 and the Nasdaq Composite stretched their win streaks.

Stocks ended higher Thursday, with investors embracing risk again after Russia kept a potential sovereign default at bay while the market continued to digest the new interest-rate hike from the Federal Reserve.

The Nasdaq Composite and the S&P 500 each turned higher to notch a third straight win, with the broad-market index securing its largest three-day rally since November 2020, according to Bloomberg. Stocks jumped Wednesday after the Fed delivered its long-anticipated rate hike of 25 basis points.

On Thursday, stocks found further upside support from reports that Moscow met its obligation in paying $117 million in interest on dollar-denominated sovereign bonds. Credit ratings agency Fitch had said Russia could be in default if Russia paid its obligations with rubles instead of US dollars as agreed upon by creditors.

Here's where US indexes stood at 4:00 p.m. on Thursday:

• S&P 500: 4,411.67, up 1.23%
• Dow Jones Industrial Average: 34,480.76, up 1.23% (417.66)
• Nasdaq Composite: 13,614.78, up 1.33%

Equities pushed past earlier weakness as oil prices rebounded back above $100 a barrel. Crude soared Thursday after the International Energy Agency said about 3 million barrels a day of Russian oil output could be shut in from April. Russia has been hit with sanctions for launching a war against Ukraine last month.

JPMorgan's quant guru Marko Kolanovic said the crash in innovative "bubble stocks" is likely over after 80% declines, meaning now is the time to embrace risk and buy.

The Bank of England raised interest rates for the third time, lifting them 25 basis points to 0.75%, as policymakers see inflation rising to around 8%. It also said economic growth will likely slow for net energy importers such as the UK.

Warren Buffett's Berkshire Hathaway poured another $1 billion into Occidental Petroleum stock over three days this week, bringing its bet to a total of $7 billion in 11 trading days.

The S&P 500 is likely to lose ground over the next month following the Federal Reserve's interest-rate increase before seeing gains several months down the road, according to CFRA.

Oil prices jumped. West Texas Intermediate crude added on 9% to $103.82 per barrel. Brent crude, the international benchmark, gained 0.7% to $107.35 per barrel.

Gold prices rose 1.7% to $1,941.40 per ounce. The 10-year yield fell 4 basis points to 2.19%.

Bitcoin turned lower, down 0.6% to $40,862.40.