US Stocks Jump as Oil Prices Ease and Inflation Data Meets Expectations

The US stock market rebounded on Friday after oil prices eased and inflation data came in line with expectations.

The S&P 500 rose 0.9%, snapping a four-day losing streak, while the Dow Jones Industrial Average gained 509 points (1%) and the Nasdaq composite climbed 1%.

The market got support from a decline in oil prices, which had surged to their highest levels since May due to the ongoing conflict with Iran. Brent crude fell 2.8% to $104.61 per barrel after reaching near $110 overnight.

Economists say interest rate hikes are likely to be implemented by the Federal Reserve next week, a move that would slow down borrowing and help control inflation.