Major US stock indexes recovered on Friday as crude oil prices pulled back from their recent surge, helping ease some of the pressure on investor sentiment. Markets also found support after the latest US consumer inflation figures came broadly in line with economists’ expectations.
As of 10:30 a.m. Eastern Time, the S&P 500 climbed 1%, the Dow Jones Industrial Average was up 0.9%, and the Nasdaq Composite was 1.2% higher.
At the open, the Dow Jones Industrial Average rose 140.4 points, or 0.27%, to 52,204.46. The S&P 500 rose 45.1 points, or 0.59%, to 7,636.75, while the Nasdaq Composite rose 207.7 points, or 0.80%, to 26,289.414.
Oil prices had climbed sharply on Thursday, reaching around $110 a barrel, their highest level since May, amid escalating tensions linked to the ongoing war involving Iran and the US.
The retreat in crude prices on Friday provided some relief to investors, who have been closely monitoring the potential impact of higher energy costs on inflation, corporate earnings and consumer spending.