U.S. Stocks Rebound As Oil Rises On Saudi Pipeline Closure

U.S. stocks rebounded on Friday after four straight losing sessions, while oil prices climbed after Saudi Arabia shut a key pipeline used to bypass the Strait of Hormuz, according to ETNet. The Dow Jones Industrial Average rose 509.19 points, or 0.98%, to 52,573.29. The S&P 500 gained 65.28 points, or 0.86%, to 7,656.98, and the Nasdaq advanced 251.31 points, or 0.96%, to 26,333.04. For the week, the Dow fell 1.6%, the S&P 500 lost 0.8% and the Nasdaq dropped 0.7%. The U.S. Labor Department said August consumer price index rose 0.4% month on month and 3.4% year on year, broadly in line with expectations. Markets now see about an 85% chance of a 25-basis-point Federal Reserve rate hike this week, with the decision due on Wednesday. Among large-cap tech stocks, Apple, Google, Amazon, Meta, Microsoft and Tesla all rose. SpaceX also gained 2%. Dell jumped nearly 12% and Hewlett Packard Enterprise surged 12.4%, both hitting record highs. In commodities, Brent crude rose more than 3% in early Asia trade on Monday to $107.34 a barrel, while U.S. crude was at $102.16, up about 2.1%. Spot gold rose about 0.8% to around $4,350 an ounce, while U.S. gold futures slipped 0.2% to $4,398.