Stock Market Today: Stocks Brush Off Hot CPI Update in Major Reversal
The major indexes were staring at steep losses to start the day, but finished the session with notable gains.


Stocks initially sold off Thursday after the latest consumer price index (CPI) showed inflation remained stubbornly high in September, before embarking on a massive rebound to end the day with impressive gains.
The Labor Department this morning said consumer prices ran hotter-than-expected last month – with many experts saying this all but guarantees the Federal Reserve issues another substantial rate hike at its November meeting. The Dow and S&P 500 were off roughly 2% at their session lows, while the Nasdaq was down 3%.
But by lunchtime, all three indexes were in positive territory – and they continued climbing from there. "Today's market reversal was a head-scratcher," says Edward Moya, senior market strategist at currency data provider OANDA. "Despite a hot inflation report, U.S. equities turned positive, as some investors are convinced core inflation will soon start trending lower." Moya adds that the rally "probably got a boost from short covering as well, but given the path for rates is higher, this market reversal won't last long."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today, though, the buying lasted into the close. The Dow Jones Industrial Average surged 2.8% to 30,038, while the S&P 500 Index (+2.6% at 3,669) and the Nasdaq Composite (+2.2% at 10,649) easily snapped their lengthy losing streaks.
The Best Energy ETFs to Buy
Investors should continue to expect high levels of inflation, at least in the near term. According to Kiplinger staff economist David Payne, inflation will likely end 2022 around 8% before easing back in 2023.
José Torres, senior economist at Interactive Brokers, says that one contributing factor to higher inflation will be rising energy prices, which jumped recently following a decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut oil output by 2 million barrels per day. "If lower gasoline prices haven't produced satisfying inflation readings in August and September, how damaging might they be in October?" Torres asks. "A challenging winter ahead for Europe and the possibility of the relaxation of Chinese lockdowns may drive additional energy demands and propel prices further."
If that's the case, oil stocks and energy exchange-traded funds (ETFs) might get a lift as well. Here, we explore nine energy ETFs that could help investors leverage gains in oil and gas prices.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
These Stocks Dipped in 2025. Do They Have Value?
If you are looking to add new long-term positions to your portfolio, as you should, this is the time to examine stocks that the market shuns.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
Stocks at New Highs as Shutdown Drags On: Stock Market Today
The Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
Government Shutdown to Delay Data, Including Key Jobs Report
While government shutdowns typically don't impact stock returns, they can delay the release of key economic data – including the monthly jobs report.
-
Stocks Close September on a High Note: Stock Market Today
A little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have Today
Bank of America stock has been a massive buy-and-hold bust.
-
Investors Take Stock of Shutdown Talk: Stock Market Today
Whether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
-
If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have Today
ORCL Oracle stock has been an outstanding buy-and-hold bet for decades.