Stocks jump after oil prices ease and inflation update comes in near expectations

U.S. stocks rebounded Friday as oil prices eased and the latest U.S. inflation update landed close to what economists expected. The S&P 500 rose 1.1%, aiming to snap a four-day losing streak, while the Dow gained 631 points, or 1.2%, and the Nasdaq added 1.1% as of 9:35 a.m. Eastern. Brent crude fell 3% to $104.42 per barrel after trading near $110 overnight, helping take some pressure off inflation. The report showed consumers paid 3.4% higher prices for gasoline, food, and other living costs versus a year earlier. Markets also firmed bets for Fed rate hikes next week.