Oil Prices Slide, Boosting US Stocks Amid Inflation Worries

The US stock and bond markets experienced a reprieve from rising oil prices on Friday, leading to a surge in stocks.

The S&P 500 rose by 0.5%, ending its three-day losing streak, while the Dow Jones Industrial Average increased by 413 points or 0.8%.

The relief came after a drop in oil prices, with Brent crude falling 3.4% to $96.71 per barrel due to hopes for a possible deal to fully reopen the Strait of Hormuz to oil tankers.

However, the US consumer sentiment report released later in the day had a mixed effect on the markets, pushing Treasury yields higher and potentially threatening economic growth.