US Stocks Rebound as Oil Prices Ease and Inflation Data Steadies Market Sentiment
The US stock market rebounded on Friday as oil prices retreated from their recent surge, providing some relief to investors.
The Dow Jones Industrial Average rose 140.4 points, or 0.27%, to 52,204.46, while the S&P 500 gained 45.1 points, or 0.59%, to 7,636.75.
The Nasdaq Composite also rose 207.7 points, or 0.80%, to 26,289.41.
The retreat in crude prices came after oil prices had climbed sharply on Thursday, reaching around $110 a barrel, their highest level since May, amid escalating tensions linked to the ongoing war involving Iran and the US.
The Consumer Price Index (CPI) increased 0.4% in August, with inflation advancing 3.4% over the past 12 months, according to the Labor Department's Bureau of Labor Statistics.
The inflation reading reinforced expectations on Wall Street that the Federal Reserve could raise its benchmark interest rate at its policy meeting next week.