US Stocks Surge as Easing Oil Prices Calm Inflation Fears
The US stock market indexes rebounded on September 11 after international crude oil prices receded and fresh economic data showed consumer inflation rising largely in line with market expectations.
The S&P 500 gained 1%, snapping a four-day losing streak, while the Dow Jones Industrial Average rose 575 points, or 1.1%, and the Nasdaq composite similarly advanced 1.1% in afternoon trading.
The retreat in energy costs helped soothe fears surrounding persistent inflationary pressures after Brent crude dropped 2.3% to $105.12 per barrel, backing down from overnight highs near $110 that had been spurred by conflict involving Iran.
Government data released on the same day indicated that US consumer prices for August ran 3.4% higher than the previous year, which matched consensus forecasts and reinforced expectations that the Federal Reserve will raise its benchmark interest rate at its upcoming policy meeting.