U.S. stocks are jumping and Treasury yields are sliding Thursday morning, as investors shake off the jitters that followed the Federal Reserve's first rate increase in three years.

Stocks and bonds stumbled Wednesday after officials raised interest rates by a quarter percentage point and signaled at least one more increase this year. But those moves are already reversing.

The S&P 500 rose 1% in early trading, while the Nasdaq rose even further. The 10-year Treasury yield is down below 5% and the WSJ dollar index is in retreat after jumping Wednesday.

Some analysts attributed the tick lower in bond yields to oil prices, which fell on hopes that disruption to exports via a damaged Saudi pipeline may not be as severe as initially feared. Brent crude futures dropped 3% to trade below $103 a barrel after topping $109 earlier this week.

In other central-banking news, the Bank of England held rates steady, breaking with its peers.