U.S. stocks rebounded in New York on Friday as oil prices eased and inflation data came in close to expectations. The S&P 500 rose 1 percent, the Dow Jones Industrial Average gained 479 points and the Nasdaq composite added 1.2 percent. Brent crude fell 2.5 percent to $104.93, while consumer prices were reported 3.4 percent higher than a year earlier. Traders also increased expectations for a Federal Reserve rate hike next week.
People walk outside the New York Stock Exchange (NYSE) on Sept. 9 in New York City. Getty Images via AFP-Yonhap
NEW YORK — U.S. stocks are rebounding Friday and clawing back much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists’ expectations, even if prices are still rising too quickly for everyone's liking, also helped calm the market.
The S&P 500 climbed 1 percent and was on track to break a four-day losing streak, its longest since June. The Dow Jones Industrial Average was up 479 points, or 0.9 percent, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.2 percent higher.
They got help from a pullback in oil prices, which had jumped to their highest levels since May because of the ongoing war with Iran. The price for a barrel of Brent crude, the international standard, fell 2.5 percent to $104.93 after getting near $110 overnight.
