US Equity Markets End Higher Amid Broad-Based Rally as Crude Oil Prices Drop

MT Newswires Live
1 hour ago

US equity indexes ended higher Friday amid a broad-based rally led by communication services and technology after crude oil prices dropped.

* The Bureau of Labor Statistics' consumer price index rose 0.4% month-on-month, the fastest pace since May and above July's 0.1% gain, matching the Bloomberg-polled consensus.

* Core inflation, which excludes the more volatile food and energy components, jumped to a four-month high of 0.3%, exceeding market projections for an unchanged 0.2% growth.

* The University of Michigan's preliminary consumer sentiment index fell to 47.8 in September from 51.7 in August, versus the 51.0 expected in a survey compiled by Bloomberg.

* October West Texas Intermediate crude oil fell $1.92 to settle at $100.59 per barrel, while November Brent crude, the global benchmark, was last seen down $2.76 at $104.87.

* Dell Technologies (DELL) is poised to benefit from a multi-year artificial intelligence infrastructure spending cycle, setting the stage for results to sustain above long-term targets, RBC Capital Markets said in a note. The personal computer manufacturer's shares were up roughly 12%, the second-best performer on the S&P 500.

* Copart (CPRT) shares were down about 2.7%, among the worst performers on the S&P 500, after the company said late Thursday it will acquire ACV Auctions (ACVA) for $10.50 per share in cash, valuing the latter at about $1.9 billion.

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