U.S. stocks recorded gains on Friday, with the major indices on the Wall Street notching their first weekly surge in four weeks.
Markets are now awaiting August's consumer prices data, due on Tuesday, to look out for any signs of easing in inflation level. Annual inflation is seen declining to an 8.1% rate in August, compared to 8.5% in July.
Majority of the traders are now expecting a 75 basis point rate hike at the Fed’s next meeting.
Shares of Kroger Co KR surged over 7% on Friday after the company increased its annual guidance.
The Nasdaq 100 jumped 2.17% to close at 12,588.29 on Friday, while the S&P 500 rose 1.53%. The Dow Jones jumped around 377 points to settle at 32,151.71 in the previous session.
Majority of the sectors on the S&P 500 closed on a positive note, with communication services and energy stocks recording the biggest surge on Friday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 0.6% to 23.48 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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