US stocks rebounded on Friday and regained 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 0.9 percent and snapped a four-day losing streak, its longest since June. The Dow Jones Industrial Average jumped 509 points, or 1 percent, and the Nasdaq composite rose 1 percent.

The S&P 500 rose 65.28 points to 7,656.98. The Dow Jones Industrial Average added 509.19 to 52,573.29, and the Nasdaq composite climbed 251.31 to 26,333.04.

The stock markets were helped from a pullback in oil prices, which had jumped to their highest levels since May because of the war with Iran . The price for a barrel of Brent crude, the international standard, fell 2.8 percent to settle at US$104.61 after nearing US$110 overnight.

That took some pressure off inflation, which remains stubbornly high. A report on Friday showed that US consumers had to pay prices for gasoline , food and other costs of living that were 3.4 percent higher last month than a year earlier.

The data strengthened expectations among traders that the Federal Reserve will hike its main interest rate at its meeting next week.

Economists say hikes could quiet questions about the Fed’s commitment to keeping inflation under control.

Federal Reserve Chairman Kevin Warsh has been adamant about not giving hints about where the Fed may take interest rates, though he did calm some concerns among investors at a speech late last month. President Donald Trump, meanwhile, has been pushing for lower interest rates. (AP)



Edited by Robert Kemp