US stocks rebounded dramatically on Friday after opening lower, shaking off a government report that showed inflation remained stubbornly high.
The Dow Jones Industrial Average rose 827.87 points, or 2.83%, to 30,038.72. The S&P 500 was up 92.88 points, or 2.60%, to 3,669.91, and the Nasdaq Composite was up 232.05 points, or 2.23%, to 10,649.15.
Shares fell in early trade after the Labor Department’s September consumer price index showed inflation at 8.2% for the year, down from the June high of 9% but still hovering around a four-decade high.
On Thursday, the Federal Reserve reiterated that further rate hikes are likely as it fights inflation.
Shares had at one point fallen to their lowest levels since 2020, when the Dow fell 500 points. But stocks staged one of the biggest intraday rallies across all sectors in years.
Among stocks that rose was Apple (AAPL), which closed at $142.99, up $4.65, or 3.36%. Netflix (NFLX) stock price rose $11.64, or 5.27%, to close at $232.51.
“Sentiment has really been one of the primary bullish or more sustained bullish characteristics of the market,” Jeff DeGraaf, chairman of Renaissance Macro Research, told CNBC. “So the stage was really set.”
https://www.ibtimes.com.au/stock-market-today-dow-surges-827-points-shaking-inflation-report-1839512?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Dow climbs 827 points, shrugging off inflation report