Stocks Bounce Back After Oil Prices Ease and Inflation Data Hits Expectations

US stocks rebounded on Friday after oil prices eased and inflation data came in near expectations.

The S&P 500 climbed 0.9% to snap a four-day losing streak, its longest since June.

The Dow Jones Industrial Average jumped 509 points, or 1%, and the Nasdaq composite rose 1%.

An update on inflation showed prices for gasoline, food, and other costs of living were 3.4% higher last month than a year earlier, close to economists' expectations.

The Federal Reserve is likely to hike its main interest rate next week to combat high inflation, driving up the yield of the two-year Treasury to 4.62% from 4.56% late Thursday.