US stocks climb as oil drops and rates rise
U.S. stocks rose today amid falling oil prices and expectations of a possible interest rate hike by the Federal Reserve, following inflation data that showed the Consumer Price Index increased by 0.4% month-over-month in August and by 3.4% year-over-year, excluding energy and food. The Dow Jones Industrial Average surged by 622 points (1.2%), while the S&P 500 and Nasdaq also gained, despite their fourth consecutive session of decline. Oil prices dropped by more than 3% after tensions in the Middle East escalated, although both Brent and West Texas Intermediate futures recorded weekly gains of about 8%. Additionally, data indicated an 85.6% probability of a 25 basis point interest rate hike next week, with expectations of a possible increase based on current economic data and outlooks.
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