Commodities
US Stocks Rebound on Oil Price Drop and Inflation Data
US stocks staged a rebound on Friday after oil prices eased and inflation data came in line with expectations, breaking a four-day losing streak for the S&P 500. The Dow Jones Industrial Average surged 631 points, or 1.2%, while the Nasdaq composite rose 1.1%.
The price of Brent crude fell 3% to $104.42 after hitting near $110 overnight, taking some pressure off inflation. Despite remaining high at 3.4% year-over-year, the inflation data was in line with economists' forecasts and did not surprise traders.
Federal Reserve rate hikes are expected to be a key tool in controlling inflation, with market expectations indicating a likely increase next week. The two-year Treasury yield rose to 4.57%, while longer-term yields eased.