After yesterday’s CPI number came in as expected, today’s PPI number was a bit hotter than expected. Suffice to say, and we all already know this, we are seeing inflation numbers that we haven’t seen for years. Now, the Fed has indicated that they believe (hope) that this inflationary spike is transitory (their term), but it is likely that much of this price pressure is going to persist for some time.
Stocks still continue to power through any concerns as today the market averages were able to post modest gains. For the day, the Dow Jones Industrial Average was up 15 points to close at 35,500. The S&P 500 was up 13 points to finish the day at 4,460. The Nasdaq Composite Index was up 51 points to close at 14,816. Gold was up $1 to trade at $1,754 per ounce, while oil was down $.26 trade at $68.99 per barrel WTI.
As mentioned, despite Covid19 concerns and inflation worries, stocks continue to modestly make new highs on a seemingly daily basis. Disney reports after the closing bell today, so that should be interesting. In the meantime, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.