By Geoffrey Smith
Investing.com — U.S. stock markets opened higher on Friday, with bargain-hunting among tech stocks conspicuous after their renewed declines on Thursday.
By 9:35 AM ET (1335 GMT), the was up 153 points or 0.6% at 27,687 points. The and the were both up 0.4%.
The market was supported by strong earnings posted after the close on Thursday by both software giant Oracle (NYSE:) and Peloton Interactive (NASDAQ:), the maker of high-end exercise bikes. The reports restored confidence in the narrative that had driven the rally in the Nasdaq through the summer, namely that the disruption from the pandemic will bring accelerated benefits to companies that facilitate remote working – or working out.
The market was unfazed by figures showing stronger-than-expected inflation in the U.S. in August. The consumer price index rose 0.4% to be up 1.3% on the year. After adjusting for volatile food and energy prices, the core CPI rose 0.4% to 1.7%, its highest since April and apparently back on course toward the Federal Reserve’s (now-softened) target of 2.0%.
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