The S&P 500 jumped 1.1% and was on track to break a four-day losing streak, its longest since June. The Dow Jones Industrial Average was up 631 points, or 1.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.
They got some help from a pullback in oil prices, which jumped earlier this week to their highest levels since May because of the ongoing war with Iran. The price for a barrel of Brent crude, the international standard, fell 3% to $104.42 after getting near $110 overnight.
Despite that pullback in oil prices, diesel prices in the U.S. hit yet another record on Friday, soaring past $6 a gallon on average.
The national average of nearly $6.06 is up from $5.85 last week and almost $3.71 this time last year, according to motor club AAA.
Higher diesel prices mean more expensive transportation for a long list of everyday goods. That’s because diesel is used for many freight and delivery networks.
A report on Friday showed that U.S. consumers had to pay prices for gasoline, food and other costs of living that were 3.4% higher last month than a year earlier.
While inflation continues to be painfully high, Friday's data came in close to what economists expected and traders were prepared for. It also firmed expectations on Wall Street that the Federal Reserve will feel compelled to hike its main interest rate at its meeting next week.
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