The S&P 500 rallied close to an all-time high today as data released in the U.S. showed that Consumer Prices were on the rise.
Figures released by the Labor Department showed that the consumer price index rose by 0.4% in December, after gaining 0.2% the month before
A main contributor to the increase was an 8.4% jump in gasoline prices, which contributed close to more than 60% of the rise in the CPI. Food prices also rebounded.
With employment figures making for grim reading recently, this is a relative boost for the U.S. economy.
As of writing, the S&P 500 was up 0.37%
Intel stock up, as company switches CEO
Intel was one of today’s biggest movers as the company announced that it would be making a key change in management.
The company said it would replace Chief Executive Officer Bob Swan with incoming-CEO Pat Gelsinger in February. News of those saw the company’s share price gain over 8%, reaching a six-month high in the process.
Regarding the news the company states that, “Intel today announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15, 2021”.
The NASDAQ was up 0.5%.
Crude nears pre-pandemic highs
Crude oil prices today rose to its highest level in almost a year, as data released showed that U.S. stockpiles for the energy had fallen.
Figures released by the Energy Information Administration today showed that Crude inventories fell by 3.2 million barrels in the week of January 8th to 482.2 million barrels.
This was way above the expected figures, which forecasted that stockpiles would drop by 2.3 million barrels.
Prices in WTI Crude hit an intraday high of $53.93.
Quote of the day – “You have to identify your weaknesses and work to change. Keep a trading diary – write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.”– Alexander Elder
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Senior Market Analyst