US stocks jump as oil prices edge lower
US stocks rebounded on Friday and regained 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 0.9 percent and snapped a four-day losing streak, its longest…
On Friday, US stocks rebounded and recovered much of their weekly losses as oil prices eased off their recent surge. Inflation data released on Friday was in line with economists' expectations, though prices continue to rise too quickly for comfort. The S&P 500 rose 0.9 percent, ending a four-day losing streak, while the Dow Jones Industrial Average climbed 509 points, or 1 percent, and the Nasdaq composite increased 1 percent.
The S&P 500 added 65.28 points to reach 7,656.98, the Dow Jones Industrial Average rose to 52,573.29, and the Nasdaq composite gained 251.31 points to 26,333.04. The market benefited from a pullback in oil prices, which had reached their highest levels since May due to the Iran conflict. Brent crude, the international benchmark, fell 2.8 percent to $104.61, alleviating some inflation pressure.
Consumer data indicated that US shoppers paid 3.4 percent more for gasoline, food, and other living costs compared to the same period last year. This information reinforced traders' belief that the Federal Reserve will raise interest rates at their upcoming meeting, potentially easing concerns about the Fed's commitment to controlling inflation.
Fed Chairman Kevin Warsh has been cautious about providing hints about rate hikes, but his comments during a speech last month helped calm investor worries. President Trump, on the other hand, has been advocating for lower interest rates.
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