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Listen to this article in summarized format The Dow Jones Industrial Average rose 638.99 points, or 1.23%, to 52,703.09, while the S&P 500 gained 1.05% to 7,671.57. The Nasdaq Composite added 1.08% to 26,362.30 at 9:38 a.m. ET. For live updates on US Markets, click here Inflation remains a concern The August Consumer Price Index rose 0.4%, accelerating from a 0.1% increase in July, according to the US Labor Department's Bureau of Labor Statistics. On an annual basis, consumer inflation was unchanged at 3.4%. The reading came a day after a slightly hotter-than-expected Producer Price Index, keeping inflation concerns in focus as investors assess the Federal Reserve's next moves. "Those numbers are still stubborn. This to me is an in-line print that will probably not satisfy anybody, whether you're bullish or bearish," said Joe Saluzzi, co-founder and co-head of equity trading at Themis Trading. Market expectations for the Fed also shifted after the data. Traders saw an 86% chance of a hike at the Fed's next meeting, up from nearly 70% before the inflation report, according to the CME FedWatch tool. Said Haidar, founder of Haidar Capital Management, said the central bank needs to respond to inflation risks. "We believe that the Federal Reserve needs to respond to these in the near term or risk a repeat of the high inflation of the 1970s, which would represent yet another failure of discretionary monetary policy," Haidar said. Oil slide offers some relief A sharp fall in oil prices provided another factor supporting equities. Brent crude futures dropped more than 3% but remained above $104 a barrel, while West Texas Intermediate crude was close to $100. The decline in energy prices offered some relief to markets already dealing with concerns over inflation, elevated Treasury yields and intensifying tensions in the Middle East. Investor anxiety also eased, with the CBOE Volatility Index falling 1.74 points to 16.16. All 11 major S&P 500 sectors traded higher, led by technology, which gained 1.3%. Industrials and real estate added 0.8% each. Stocks also got a boost from corporate earnings. Oracle rose 2.5% after quarterly results topped estimates, helping reassure investors that its artificial intelligence investments were generating returns. Elsewhere, Adobe fell 2.5% after its fourth-quarter revenue forecast midpoint came in below expectations. ACV Auctions surged 44.4% after online vehicle auctioneer Copart agreed to acquire the company in a nearly $1.9 billion deal. Despite Friday's gains, the broader market remained on track for a difficult week. Through Thursday's close, the S&P 500 was headed for its biggest weekly decline since June, while the Dow was facing its steepest weekly fall since March. Jeff Schulze, head investment strategist at Franklin Templeton Institute, noted that historical trends remain supportive. "Some investors are questioning how much further this year's rally can run. Encouragingly, history suggests that strong starts tend to persist," Schulze wrote. According to Schulze, the S&P 500 went on to rise from September through December in 25 of the 28 years since 1950 when it had gained more than 10% through August. (Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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