Market Roundup: Stocks Close Higher Despite Hawkish Fed Comments
Stocks started the week on a high note, with Energy and Technology stocks leading the upswing. West Texas Intermediate crude oil also settled at $47.72 a barrel. Stocks traded lower on Tuesday. Consumer prices increased in April as the Consumer Price Index rose 0.4% versus March’s uptick of 0.1% and February’s 0.2% decline. Core prices, discounting food and energy, jumped 0.2% as expected. Industrial production ramped up by 0.7% in April versus expectations of a 0.3% expansion, while Commerce Department data showed housing starts climbed 6.6% in April to an annual rate of 1.17 million units. The stock indices closed out Wednesday’s trading session mixed on Federal Reserve comments. Minutes from April’s Federal Open Market Committee meeting showed a rate hike is somewhat likely for June, but only if economic data warrants it. Crude oil retreated midweek with West Texas Intermediate crude settling at $48.19 a barrel. Figures from the Energy Information Administration showed a 1.3 million barrels lift in inventories in the past week. Stocks rebounded somewhat in Thursday’s afternoon momentum. Labor Department data showed first-time claims for unemployment benefits decreased by 16,000 to 278,000, while continuing claims dipped by 13,000 to 2.152 million last week. Indices closed in the green zone on Friday. Better-than-expected quarterly data led the Technology sector higher. West Texas Intermediate crude oil settled the week at $47.75 a barrel. Existing home sales ticked up in April as data from the National Association of Realtors showed a 1.7 percent increase to an annual rate of 5.45 million units. Sales in March were revised slightly higher to 5.36 million units from the initially reported 5.33 million.