01:24 PM EST, 12/19/2024 (MT Newswires) -- US equity indexes rose, and the Dow Jones Industrial Average looked set to break its 10-day losing streak, as a sharp selloff that followed a pullback in the Federal Reserve's easing program lost momentum on Thursday.

The S&P 500, the Nasdaq, and the Dow each climbed by 0.3% to 5,883.5, 19,426.5, and 42,456.6, respectively, after midday. Utilities, technology, and communication services led the gainers, while energy was the steepest decliner intraday.

Investors "clawed back some of the losses" as they digested the Federal Reserve's "hawkish tilt and raised inflation forecast for 2025," a research note from D.A. Davidson said Thursday.

The Dow's lower close on Wednesday made its string of declines the longest losing stretch in more than four decades after the Fed lowered its forecast for interest-rate cuts next year to two from four. S&P 500 and Nasdaq also ended the day sharply lower as, Desjardins said, the Fed raised its price growth outlook by 0.4 percentage points for 2025. The Fed "has upgraded its neutral rate forecast in every [Summary of Economic Projections] this year, raising it from 2.5% late last year to 3.0%" Wednesday.

A day after the Fed scaled back its policy easing program, the US Bureau of Economic Analysis raised the final reading on Q3 gross domestic product growth to 3.1% from 2.8% in the previous estimate, above an unrevised 2.8% expected in a survey compiled by Bloomberg. GDP grew 3% in Q2.

Further, the Conference Board's measure of leading indicators rose by 0.3% in November, in contrast with expectations for a 0.1% decline in a survey compiled by Bloomberg and following a 0.4% decrease in October. The increase was the first for the index since February 2022 and no longer indicates an impending recession, the Conference Board said.

"Overall, the rise in LEI is a positive sign for future economic activity in the US," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at the Conference Board.

The US Dollar index was up 0.4% to 108.45 intraday after touching its 52-week high of 108.33 earlier in the session.

Gold plunged 1.8% to $2,607.1 an ounce, and silver plummeted 4.5% to $29.35 per ounce.

US Treasury yields were mixed intraday, with the 10-year up 8.8 basis points to 4.59% and two-year yield down 3.2 basis points to 4.32%.

In company news, Darden Restaurants ( DRI ) lifted its full-year revenue outlook as the restaurant operator recorded better-than-expected fiscal Q2 results. Shares surged 15% intraday, the top performer on the S&P 500.

Lamb Weston ( LW ) reported disappointing fiscal Q2 results, while lowering its full-year guidance. The supplier of frozen potato products also said Chief Executive Officer Tom Werner will step down. Shares sank 22% intraday, the worst performer on the S&P 500.

West Texas Intermediate crude oil futures fell 0.8% to $70.02 a barrel.