US stocks jump as oil eases, inflation comes in near expectations
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…
U.S. stocks experienced a rebound on Friday, regaining much of the week's losses, after oil prices eased from their recent surge. An inflation update released in the United States came in line with economists' predictions, despite prices still rising at a rate that many find concerning. The S&P 500 rose by 1 percent and was poised to end a four-day decline, the longest since June.
The Dow Jones Industrial Average increased by 479 points, or 0.9 percent, as of 10:30 a.m. Eastern time, while the Nasdaq composite climbed 1.2 percent. A reduction in oil prices, which had surged to their highest levels since May due to the ongoing conflict with Iran, contributed to the market's steadying. Brent crude, the global benchmark, dropped by 2.5 percent to $104.93 after reaching near $110 the previous night, easing some of the pressure on inflation.
According to a report, U.S. consumers had to bear costs for gasoline, food, and other everyday expenses that were 3.4 percent higher last month compared to a year ago.
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- US stocks jump as oil eases, inflation comes in near expectations koreatimes.co.kr
