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U.S. stocks made a dramatic rebounded Friday after opening lower, shaking off a government report showing inflation remaining stubbornly high.
The Dow Jones Industrial Average rose 827.87 points, or 2.83%, to 30,038.72. The S&P 500 rose 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.
Stocks fell in early trading after the Labor Department’s September consumer price index showed inflation at 8.2% for the year, off from June’s high of 9% but still hovering around a four-decade high.
On Thursday, the Federal Reserve reiterated that more interest rate increases are likely as it battles inflation.
Stocks had at one point dropped to their lowest levels since 2020 as the Dow was down 500 points. But stocks staged one of the biggest intra-day rebounds across all sectors in years.
Some of the stocks that rose included Apple (AAPL), which closed at $142.99, up $4.65, or 3.36%. Netflix‘s (NFLX) price of shares rose $11.64, or 5.27%, to close at $232.51.
“Sentiment has really been one of the primary bullish, or more persistent bullish attributes of the market,” Jeff DeGraaf, chairman of Renaissance Macro Research, told CNBC. “So really the stage was set.”
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