Commodities
Stocks Bounce Back as Oil Prices Cool and Inflation Data Comes in Line
US stocks rebounded on Friday, ending their four-day losing streak as oil prices cooled off and inflation data came in line with expectations.
The S&P 500 jumped 1.1% while the Dow Jones Industrial Average rose 631 points, or 1.2%, after a report showed US consumers paid 3.4% more for gasoline, food, and other costs of living last month compared to a year earlier.
The data was close to what economists had predicted, and traders were prepared for it, which helped calm the market. The Federal Reserve is expected to hike its main interest rate next week to combat high inflation.
Oracle's 2.6% increase after strong quarterly earnings also contributed to the rally in tech stocks.