U.S. stocks recovered Thursday from large early-session drops as Wall Street looked to shake off inflation data that showed consumer prices climbed more than expected.
The S&P 500 (^GSPC) was up about 1.7% by midday, while the Dow Jones Industrial Average (^DJI) edged higher by more than 500 points, or 1.9%. The technology-heavy Nasdaq Composite (^IXIC) ticked up 1.4%. The 10-year Treasury yield move closer to 4%.
Meanwhile, oil prices rose as WTI crude prices ticked higher 1.76% to $88.96 per barrel.
The Bureau of Labor Statistics released its Consumer Price Index (CPI) for September early Thursday, which showed prices rose 8.2% over the prior year and 0.4% over the prior month. The core consumer price index, which excludes food and energy, rose 6.6% from a year ago, marking the highest level since 1982. Core CPI rose by 0.6% month over month.
Economists surveyed by Bloomberg had expected a slight deceleration to 8.1% annually and the core reading to accelerate to 6.5% from a year…