Major United States benchmark averages finished higher on Friday (Saturday AEST), as stronger consumer price data reinforced expectations that the Federal Reserve will raise interest rates next week to combat inflation.
The Dow Jones Industrial Average rose 509.2 points, or 1%, to 52,573.3. The S&P 500 climbed 65.3 points, or 0.9%, to 7,657.0, while the Nasdaq gained 251.3 points, or 1%, to 26,333.0.
For the week, the Dow fell 1.6%, the S&P 500 declined 0.8%, and the Nasdaq lost 0.7%.
AI server maker Dell Technologies soared 12% to a record high. Hewlett Packard Enterprise jumped 12% and HP gained 8.4% after Oracle's quarterly results topped estimates. Oracle fell 1.8%.
Among economic data, U.S. consumer prices accelerated last month as gasoline costs rebounded after two consecutive monthly declines, adding pressure on the Fed to tighten monetary policy to contain inflation.
The consumer price index (CPI) increased 0.4% in August after rising 0.1% in July, according to the Labor Department's Bureau of Labor Statistics.
In the 12 months through August, consumer inflation advanced 3.4%, matching the July increase. Both the monthly and annual rise in the CPI was in line with market expectations.
Interest rate futures now reflect an 86.2% probability that the central bank will raise rates at its policy meeting on Wednesday, according to the CME Group FedWatch Tool, up from a 59.4% likelihood a week earlier.
Oil prices fell but remained around 9% higher for the week as attacks along Middle East shipping routes fuelled concerns about prolonged supply disruptions.
Brent crude futures slipped almost 3% but remained above US$104 a barrel.
Shares of ACV Auctions soared 44% after online vehicle auctioneer Copart agreed to acquire the company in a deal worth nearly US$1.9 billion.
On the bond markets, 10-year and two-year Treasury yields rose 0.2% and 1%, respectively, to 4.969% and 4.63%.
