Dow Jones closes higher for first time in 3 sessions

US stock indices extended gains in the first trading session of the week ahead of the release of key inflation data, with investors expecting a slowdown in the pace of price increases and amid hopes that the Federal Reserve will cut interest rates to support the economy.

The Dow Jones Industrial Average rose 1.2%, or 484 points, to close at 40,829 points. The index reduced its losses of more than 600 points in the previous two sessions.

The S&P 500 jumped 1.15%, or 62 points, to 5,471, while the Nasdaq Composite added nearly the same percentage, or 193 points, to end the day at 16,884 points.

As for the European indices, STOXX Europe 600 gained 0.8%, to 510.7 points, rising for the first time in six sessions.

Meanwhile, British FTSE inched up 1.1% to 8,270, while the French CAC 40 rose by 1% to 7,425. The German DAX gained 0.75%, or 141 points, to close at 18,443 points.

Brent crude futures for November delivery increased by 1.1%, or $0.78, to $71.84 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude for October delivery added 1.55%, or $1.04, to $68.71 a barrel.

In the gold market, December futures prices rose by 0.3%, or $8.1, to $2532.70 per ounce.

In Japan, the Nikkei 225 dropped 0.5%, or 175 points, to 36,215 points. Similarly, TOPIX retreated by 0.7%, to 2,579 points.

Brent crude futures for November delivery increased by 1.1%, or $0.78, to $71.84 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude for October delivery added 1.55%, or $1.04, to $68.71 a barrel.

In the gold market, December futures prices rose by 0.3%, or $8.1, to $2532.70 per ounce.