Stock market today: Dow, S&P 500, Nasdaq rise as oil slips, Fed rate hike pacifies markets' inflation worries

Stocks rallied at the open, with the S&P 500 (^GSPC) and Nasdaq (^IXIC) climbing over 1% and the Dow (^DJI) rising 0.7%.

Here's a look at the sector action in the first few minutes of trading:

A downward move in oil prices helped support stocks in the early going. Brent crude (BZ=F) fell to just under $103 per barrel, while WTI crude (CL=F) traded near the $100 level.

Diesel prices hit a record high in the US, however.

The 10-year Treasury yield (^TNX) fell 5 basis points to 4.94% as investors assessed the Fed's first rate hike in three years and Fed Chairman Kevin Warsh's hawkish tone on inflation.