US close: Stocks rally following CPI reading
By Iain Gilbert
Date: Wednesday 15 Mar 2023
(Sharecast News) - Wall Street stocks were firmly in the green at the close of trading on Tuesday as market participants digested key inflation data.
At the close, the Dow Jones Industrial Average was up 1.06% at 32,155.40, while the S&P 500 advanced 1.65% to 3,919.29 and the Nasdaq Composite saw out the session 2.14% firmer at 11,428.15.
The Dow closed 336.26 points higher on Tuesday, off session highs but still easily reversing losses recorded in the previous session.
Tuesday's primary focus was February's consumer price index report, which revealed the cost of living in the US continued to ease last month. According to the Department of Labor, in seasonally adjusted terms the country's Consumer Price Index advanced at a month-on-month pace of 0.4%. However, negative base effects meant that the annual rate of increase in CPI slipped from 6.4% for January to 6.0% in February.
Core CPI, on the other hand, advanced by 0.5% in comparison to the month before, meaning that the year-on-year rate of change ticked lower by a tenth of a percentage point to 6.5%. Significantly, at the core level, price gains for shelter, which was expected to start moderating substantially in the first half of 2023, picked up again and was ahead by 0.8% on the month.
Zaye Capital's Naeem Aslam said: "The US CPI data has printed a mixed number today, but traders are paying less attention to the core CPI number which surged. Most traders are satisfied with the headline month-on-month data which matches the expectations."
Elsewhere on the macro front, the National Federation of Independent Business' small business optimism index increased to 90.9 in February, up from 90.3 in January and the highest reading in three months.
In the corporate space, United Airlines shares slumped after the carrier slashed its first quarter guidance and said it expects to report a loss of $0.60-$1.0 per share of the period, while First Republic shares surged 20% as regional banks do their best to bounce back from the previous session's SVB-fuelled sell-off.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $182.89 4.20%
American Express Co. (AXP) $163.96 3.98%
Intel Corp. (INTC) $28.01 3.93%
Microsoft Corp. (MSFT) $260.79 2.71%
JP Morgan Chase & Co. (JPM) $134.62 2.57%
Goldman Sachs Group Inc. (GS) $322.15 2.10%
Visa Inc. (V) $218.66 1.95%
Boeing Co. (BA) $207.28 1.92%
Nike Inc. (NKE) $119.00 1.83%
Apple Inc. (AAPL) $152.59 1.41%
Dow Jones - Fallers
Amgen Inc. (AMGN) $230.58 -1.12%
Walgreens Boots Alliance, Inc. (WBA) $33.29 -0.83%
International Business Machines Corporation (CDI) (IBM) $124.50 -0.74%
3M Co. (MMM) $102.78 -0.70%
Home Depot Inc. (HD) $285.65 -0.33%
Travelers Company Inc. (TRV) $171.76 -0.27%
Dow Chemical Co. (DOW) $52.26 -0.21%
Dowdupont Inc. (DWDP) $0.00 0.00%
Unitedhealth Group Inc. (UNH) $464.58 0.19%
Coca-Cola Co. (KO) $60.03 0.37%
S&P 500 - Risers
Charles Schwab Corp. (SCHW) $56.68 9.19%
Unum Group (UNM) $39.85 8.76%
Meta Platforms Inc. (META) $194.02 7.25%
Fidelity National Information Services Inc. (FIS) $53.32 7.03%
Keycorp (KEY) $12.17 6.94%
Advanced Micro Devices Inc. (AMD) $87.45 6.63%
Arconic Inc. (ARNC) $26.72 6.50%
Fiserv Inc. (FISV) $110.53 6.02%
Citigroup Inc. (C) $47.40 5.95%
Global Payments Inc. (GPN) $101.14 5.44%
S&P 500 - Fallers
United Airlines Holdings Inc (UAL) $46.21 -5.37%
Vornado Realty Trust (VNO) $16.21 -5.26%
Boston Properties Inc. (BXP) $53.35 -4.32%
Alaska Air Group Inc. (ALK) $42.23 -4.13%
Gap Inc. (GPS) $9.97 -3.76%
Sl Green Realty Corp. (SLG) $28.00 -3.58%
CH Robinson Worldwide Inc (CHRW) $97.78 -3.47%
Gen Digital Inc. (GEN) $15.90 -3.17%
J.B. Hunt Transport Services Inc. (JBHT) $168.32 -3.01%
Dish Network Corp. (DISH) $10.00 -2.72%
Nasdaq 100 - Risers
Meta Platforms Inc. (META) $194.02 7.25%
Fiserv Inc. (FISV) $110.53 6.02%
Tesla Inc (TSLA) $183.26 5.03%
Nvidia Corp. (NVDA) $240.63 4.78%
Mercadolibre Inc. (MELI) $1,214.96 4.53%
Intuit Inc. (INTU) $408.30 4.28%
Intel Corp. (INTC) $28.01 3.93%
KLA-Tencor Corp. (KLAC) $379.02 3.89%
Applied Materials Inc. (AMAT) $120.34 3.88%
Cadence Design Systems Inc. (CDNS) $203.52 3.69%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $1.11 -4.31%
Sirius XM Holdings Inc (SIRI) $3.51 -3.31%
Gen Digital Inc. (GEN) $15.90 -3.17%
J.B. Hunt Transport Services Inc. (JBHT) $168.32 -3.01%
Dish Network Corp. (DISH) $10.00 -2.72%
American Airlines Group (AAL) $14.66 -1.28%
Amgen Inc. (AMGN) $230.58 -1.12%
Hasbro Inc (HAS) $47.15 -1.01%
Expedia Group Inc. (EXPE) $94.10 -0.95%
Walgreens Boots Alliance, Inc. (WBA) $33.29 -0.83%
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