Stocks are slightly lower and bond yields are higher in early trading after the government reported the highest increase in consumer prices in a year.
The major averages ended the day firmly in positive territory.
- Stocks powered higher Monday, sending the Dow Jones industrial average up 410 points, as the market clawed back more of its massive losses from the previous two weeks. With the jump, the index reached a record closing high. That hurt shares of high-dividend companies like real estate investment trusts and utilities.
Crude oil futures are falling $0.51 to $58.78 a barrel after inching up $0.09 to $59.29 a barrel on Tuesday.
METALS: Gold jumped $27.60, or 2.1 percent, to $1,358 an ounce.
Stocks Rally Broadly As Market Shrugs Off Inflation Scare
One important reason why the USA stock market might be done with panicking, at least for the moment, is the news from company reporting season in the States. The euro rose to $1.2284 from $1.2231.
Benchmark US 10-year Treasury note yields hit a four-year high, but a key measure of near-term volatility fell, in contrast to its reaction to strong US jobs and wages data earlier in the month.
Chinese stocks eked out modest gains in thin trading ahead of the weeklong Lunar New Year holiday starting on Thursday.
CenturyLink shares rose more than 8 percent after hedge fund Paulson & Co revealed a new stake in the telecom provider. The CPI year-on-year increase was untouched at 2.1 percent. The Nasdaq composite climbed 130.10 points, or 1.9 percent, to 7,143.62.
OVERSEAS: The DAX in Germany rose 1.2 percent and the French CAC 40 added 1.1 percent.
EPS for Rice Midstream Partners LP (RMP) Expected At $0.39
Mutual Of America Capital Mgmt invested in 34,345 shares or 0.02% of the stock. 732,866 were reported by Advisory Rech. It fall, as 40 investors sold CRM shares while 234 reduced holdings. 25 funds opened positions while 58 raised stakes.
The Federal Reserve has an inflation target of 2 percent.
Fujifilm lost 2 percent after Xerox shareholder Darwin Deason filed a lawsuit alleging that the USA photocopier maker's board failed shareholders by approving a merger deal with Fujifilm that undervalued the company.
The financials sector was down 0.2 per cent. The Russell 2000 index of smaller-company stocks rose 13.15 points, or 0.9 percent, to 1,490.98.
Right now, they're 70% through reporting and earnings for U.S. companies are up 14.8%, with revenues 8% higher. The insurance giant said it is considering selling parts of its disappointing Asian arm.
For now, analysts said a near wipe-out of stock gains in early 2018 were overdue following a blockbuster 2017 when major US stock indexes produced their best annual performance since 2013. A drop of that size is known on Wall Street as a market "correction".
Sky Plc and BT Group have also moved higher in London after they agreed to pay 4.464 billion pounds to secure the broadcast rights for the bulk of Premier League football games from the 2019/20 season.
Another 'Charles in Charge' star accuses Scott Baio of sexual misconduct
Another Charles in Charge co-star has come forward to accuse Scott Baio of sexual assault. "Both Nicole and I were minors". Polinsky added that at just 12-years-old, Baio was also insulting him and throwing homophobic slurs at him.
Advancing issues outnumbered declining ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured advancers. The growth came in line with the preliminary flash estimate published on January 30th.
Data on retail sales is also due at the same time, forecast to increase 0.2 percent in January after a 0.4 percent gain in December. Separately, U.S. retail sales fell 0.3% in January, the largest drop in nearly a year, adding to concerns about the state of the economy.
Among the biggest movers was sportswear retailer Under Armour (UAA.N), up more than 17.36% on strong quarterly sales, and AmerisourceBergen (ABC.N), up 9.30% after the Wall Street Journal reported Walgreens (WBA.O) was seeking to buy out the drug distributor.
Excluding a decrease in sales by motor vehicle and parts dealers, retail sales were unchanged in January after inching up by 0.1 percent in December.
As such, the USA economy is on track to grow about 3.1 percent in 2018, according to Credit Suisse, following the budget deal last week.
The stock rose $38.31, or 15.2 percent, to $289.64.
Davis carry Pelicans over Pistons 118-103
The Detroit Pistons are averaging 103.2 points on 45.2 percent shooting and allowing 103.1 points on 46.2 percent shooting. New Orleans held the Piston to 30 percent from the field in the period and held a 60-52 advantage at the half.