The New Indian Express ·
US stocks jump after oil prices ease and inflation update comes in near expectations
NEW YORK: U.S. stocks are rebounding Friday and clawing back much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists' expectations, even if prices are still rising too quickly for everyone's liking, also helped calm the market.
The S&P 500 climbed 1.1% and was on track to break a four-day losing streak, its longest since June. The Dow Jones Industrial Average was up 578 points, or 1.1%, as of 1:49 p.m. Eastern time, and the Nasdaq composite was 1.2% higher.
They got help from a pullback in oil prices, which had jumped to their highest levels since May because of the ongoing war with Iran. The price for a barrel of Brent crude, the international standard, fell 3.1% to $104.32 after getting near $110 overnight.
