Stocks Bounce Back as Oil Prices Retreat
US stock markets rebounded Friday as oil prices retreated from their recent surge. The Dow Jones Industrial Average rose by 509.19 points, or 1%, to close at 52,573.29, while the S&P 500 increased by 65.28 points, or 0.9%, to settle at 7,656.98.
The bounce back in stocks was partly due to a decline in oil prices, which had reached their highest levels since May. Brent crude, the international standard, fell by 2.8% to $104.61 per barrel after peaking near $110 overnight.
A report on inflation showed that US consumers paid 3.4% more for gasoline, food, and other living costs last month compared to a year ago. While still high, this was close to economists' expectations and what Wall Street had anticipated.
On the earnings front, Kroger rose by 2.7% after reporting stronger-than-expected profits for its latest quarter. ACV Auctions soared by 44.2% after being acquired by Copart for $10.50 per share. Oracle's stock initially jumped by 8.5%, but ultimately closed with a loss of 1.7%.