Markets

Stocks Rally Broadly As Market Shrugs Off Inflation Scare

Stocks Rally Broadly As Market Shrugs Off Inflation Scare

The move higher took place despite an interest-rates rise to multi-year highs that originally spooked investors.

European stocks initially dipped into negative territory on the news the U.S. consumer price index rose by 0.5 per cent last month, ahead of forecasts.

The Dow Jones industrial average fell 95 points, or 0.4 percent, to 24,493.

Wholesale gasoline added 3 cents to $1.71 a gallon.

Business inventories reported a 0.4% monthly increase. "Meanwhile, retail sales results have caused a downgrade of GDP estimates across the Street".

"We don't have the dampening mechanisms we had in previous years".

Chipotle Mexican Grill jumped 15.4 per cent after it hired Brian Niccol from Taco Bell as its next chief executive, which analysts said sparked hopes of a quicker turnaround. In early trading Wednesday, investors were mixed.

"Inflation rates have held steady at 2.1% for annual headline consumer price inflation and 1.8% for the core rate (which excludes food and energy) rather than fall to 1.9% and 1.7%, respectively as the consensus had predicted".

The Nasdaq Composite added 0.45 percent to 7,013.51.

The yield on the 10-year treasury rose to 2.9 per cent, a new four-year high.

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The monthly Labor Department report on the price of everything from gas to groceries was closely watched Wednesday, with Wall Street investors suddenly very concerned about inflation. "Strong price data presents hawkish risks for the Fed's dots at the March meeting".

The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,662.

It's a bit early to be thinking of beer, but with results from Molson Coors Brewing Co (NYSE:TAP) out, you have a decent excuse.

Speculators expected European stocks to open higher as they saw Britain's FTSE inching up 0.5 percent.

The shares were up 2.7% ahead of the official opening of the market. "The year-over-year rate on the core is still below 2 percent".

Elsewhere, Fossil (FOSL.O) surged 87.7% after the watchmaker's strong holiday-quarter sales and a rush among short-sellers to cover their positions.

EPS of 54 cents was three cents higher than the year before and nine cents above the consensus forecast.

"The combination of rising inflation and weaker demand would not normally bode well for the outlook and financial markets", wrote St George economists. Heating oil rose 5 cents to $1.88 a gallon.

The S&P 500 climbed 1.2%, although it remained below the 50-day average. The S&P 600 Index closed at 929.29 for a gain of 16.55 points or 1.81%.


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