Highlights
Stocks rebounded on Friday as oil prices pulled back even as bond yields continued rising after a disappointing consumer price report. The Dow Jones industrial average rose 1.0 percent while the S&P 500 gained 0.9 percent and the Nasdaq was also up 1.0 percent. The dollar index was up slightly.
News that oil ministers from the Persian Gulf were meeting with Iran to address the flow of oil lifted sentiment and hopes for progress on oil shipping through the Strait of Hormuz. That appeared to more than offset bearish news Houthis were advancing toward greater control of Red Sea shipping. Stocks appeared to shrug off news that core CPI rose more than expected in August, which finalized well-established expectations for a 25 basis point rate increase next week from the Fed.