Stocks Rebound Amid Easing Oil Prices and Stable Inflation
US stocks rebounded on Friday after oil prices eased off their recent surge and inflation data came in line with expectations. The S&P 500 jumped 1.1% and was on track to break a four-day losing streak, its longest since June.
The Dow Jones Industrial Average rose by 631 points, or 1.2%, as of 9:35 a.m. Eastern time, while the Nasdaq composite gained 1.1%. The rebound followed a decline in oil prices, which had reached their highest levels since May due to the ongoing war with Iran.
The price for a barrel of Brent crude fell by 3% to $104.42 after nearing $110 overnight. This decrease helped alleviate some pressure on inflation, which remains high but is expected to be addressed by the Federal Reserve's interest rate hike next week.
Oracle climbed 2.6% after reporting stronger profit and revenue for its latest quarter than analysts had anticipated.