Wall Street ended higher on Friday as oil prices retreated and strong consumer price data reinforced expectations the Federal Reserve will raise interest rates next week to fight inflation.AI server maker Dell ‌soared to ⁠a record ⁠high, while Hewlett Packard Enterprise and HP also rallied after Oracle's quarterly results topped estimates. Oracle shares dipped.U.S. consumer prices ​accelerated last month as the cost of gasoline rebounded after two straight monthly declines, adding pressure on the Fed ​to tighten monetary policy to fight inflation.Interest rate futures now reflect a nearly 90% probability that the central bank will raise rates at its policy meeting on Wednesday, according to the ​CME FedWatch tool. That is up from a 72% likelihood ⁠on Thursday."That's pretty ‌much as close to a slam dunk as you're going to ​get," said Thomas ​Martin, senior portfolio manager at GLOBALT Investments in Atlanta. "The Fed will do ⁠the right thing and raise rates, and that is good at ​the margin for keeping inflation in check."According to preliminary data, the ​S&P 500 gained 64.84 points, or 0.85%, to end at 7,656.54 points, while the Nasdaq Composite gained 245.85 points, or 0.94%, to 26,327.58. The Dow Jones Industrial Average rose 502.12 points, or 0.96%, to 52,566.22.Friday's rally follows recent nervousness on Wall Street related to inflation and rising long-term Treasury yields, as well as concerns about massive spending to build AI data centers. The ‌S&P 500 is down about 2% from its record-high close on August 13, and it remains up 12% in 2026.The S&P 500's recent decline, coupled ​with a ​strong earnings outlook, has the ⁠benchmark trading at 19 times expected earnings. That is its cheapest since April 2025, when U.S. President Donald Trump's "Liberation Day" tariff announcements threw global markets into a tailspin.Oil prices fell but remained up ​around 9% for the week as attacks along Middle East shipping routes stoked concerns about prolonged supply disruptions. Brent crude futures slipped almost 3% but were still above $104 a barrel.Shares of ACV Auctions soared after online vehicle auctioneer Copart agreed to buy it in a nearly $1.9 billion deal. (Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)