Stocks Slip

Indices ended in the red zone on Thursday. Brands such as Bank of America, Intel, and Home Depot stood out among decliners on the Dow. Stocks traded lower amid a flurry of economic data. The Bureau of Labor Statistics reported that the consumer price index remained unchanged in January from December’s flat results. Economists had expected inflation to increase by 0.1%. The core reading, which discounts food and energy, edged up 0.3%. On another note, initial jobless claims were on the rise last week. The Labor Department said new claims increased by 20,000 to 362,000. Up from a revised 342,000 two weeks ago, economists expected claims to hit 355,000. On another note, existing home sales jumped up in January. The National Association of Realtors said sales rose to an annual rate of 4.92 million last month. The figure exceeded expectations for an annual rate of 4.9 million in January. December’s results were downwardly revised to 4.9 million.

Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.