The reversal came after futures rallied on positive news out of the UK that the government would dial back some of its inflation-boosting tax-cut plans. Hogan said the initial selloff was probably driven by the algorithms that steer computerized trading. That's not new information – disappointing, but not new.' 'We knew the services piece of both baskets was stubbornly higher. 'People settled back in and said, 'What's changed? What do we know that we didn't know?' said Art Hogan, chief market strategist at B. Thursday's huge market reversal in which early big losses dramatically switched to strong gains came as investors digested the morning's inflation report and didn't see a whole lot new in it, said Art Hogan, chief market strategist at B. Lea la cobertura del mercado de hoy en español aquí. Persistent high inflation could mean that the Federal Reserve is more aggressive with future interest rate hikes and keeps rates higher until price increases cool off.

On an annual basis, inflation was up 8.2%. The consumer price index increased 0.4% for the month, more than the 0.3% estimate from Dow Jones. Stocks fell to session lows when the September consumer inflation report showed a larger-than-expected increase. 'I think there's still plenty of things that could drive volatility and intraday swings are just the nature of the beast right now,' she said. She added, however, that swings in stocks are likely to continue as investors digest more inflation data and earnings season kicks off. 'Maybe we get this last gasp higher in inflation and from here we start to decelerate,' said Liz Ann Sonders, chief investment strategist at Charles Schwab. Investors may be betting that the stronger-than-expected inflation report means price increases will peak soon. A reversal in big tech names such as Apple and Microsoft and a surge in semiconductors Nvidia and Qualcomm also contributed to the move higher. Shares of Chevron gained 4.85% as oil prices spiked, and bank stocks Goldman Sachs and JPMorgan rose 3.98% and 5.56%, respectively.

Gains in energy and bank stocks led the rebound.

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