Stocks Opened Higher after Weak Inflation Data

U.S. stocks opened slightly higher on Friday after data showed tepid inflation that could lead the Federal Reserve to hold off from raising rates this year. The Dow Jones Industrial Average lately rose 15.97 points, or 0.07%, to 21,859.98. The S&P 500 gained 2.35 points, or 0.10%, to 2,440.56. The Nasdaq Composite added 10.10 points, or 0.16%, to 6,226.97.

Crude futures were firmly lower on Friday, weighed by continued oversupply concerns after the International Energy Agency said oil production continued to increase in July. Light, sweet crude futures for delivery in September lost 24 cents, or 0.5%, to $48.35 a barrel. October Brent crude eased 17 cents, or 0.3%, to $51.73.

U.S. consumer prices increased slightly in July as rising food costs were offset by falling prices for a range of other goods, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year. The Labor Department said on Friday its Consumer Price Index edged up 0.1 percent last month after being unchanged in June.

About the Author

has written 10069 stories on this site.

Copyright © 2012 Nine Stocks