Stocks Bounce Back After Oil Price Drop, Inflation Report

US stocks rebounded Friday and regained much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the nation that came in close to economists' expectations, even if prices are still rising too quickly for everyone's liking, also helped calm the market.

• The Dow rose 509.19 points, or 1%, to 52,573.29, while ending the week down 1.6%.
• The S&P 500 rose 65.28 points, or 0.9%, to 7,656.98, closing the week 0.8% lower.
• The Nasdaq rose 251.31 points, or 1%, to 26,333.04, ending the week down 0.7%.

The indexes got help from a pullback in oil prices, which had jumped to their highest levels since May because of the Iran war, the AP reports. The price for a barrel of Brent crude, the international standard, fell 2.8% to settle at $104.61 after reaching near $110 overnight. That took a bit of pressure off inflation, which remains high. A report on Friday showed that US 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 still high, that was close to what economists expected and what Wall Street was prepared for. The data also strengthened expectations among traders that the Federal Reserve will feel compelled to hike its main interest rate at its meeting next week.

On Wall Street, Kroger rose 2.7% after the grocer reported a stronger profit for the latest quarter than analysts expected. It also held firm on its forecast for profit over the fiscal year, though it trimmed its forecast for an important underlying measure of revenue growth. ACV Auctions, whose digital marketplace connects wholesale buyers and sellers of vehicles, soared 44.2% after Copart said it would pay $10.50 in cash for each of the company's shares. Copart, whose online vehicle auctions sold more than 4 million units in the last year, fell 2.6%. An early jump for Oracle faded as trading progressed after the tech giant reported stronger profit and revenue for the latest quarter than analysts expected. After initially leaping 8.5%, its stock swiveled between gains and losses and finished with a loss of 1.7%.