Friends
This morning’s report was just slightly hotter than expected and it appeared that market participants were not quite sure what to read into it all. The monthly increase in prices was .3% vs. the .2% expected while the year over year rate came in at 3.4% vs. the 3.2% that analysts expected. Core CPI, which excludes food and energy came in as expected. Both bonds and stocks gyrated in different directions throughout the trading session.
By the close, the Dow Jones Industrial Average was up15 points to finish the day at 37,711. The S&P 500 was down 3 points to close at 4,780. The Nasdaq Composite Index was up a fraction to close at 14,970. Gold was up $2 to trade at $2,030 per ounce, while oil was up $.91 to trade at $72.82 per barrel WTI.
So tomorrow we get a look at Producer Prices while also getting a look at earnings from Citi, Wells Fargo, Bank of America, and JP Morgan Chase. Both the bulls and the bears seemed unsure about today’s data. Let’s see how they react to tomorrow’s slate.
Have a nice evening everyone.
