US Stocks Move Higher As Nerves Calm
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US stocks opened sharply higher today on positive headlines regarding the nuclear situation in Japan, in addition to solid economic data reported here.
At the open the Dow is up 141, Nasdaq is up 40 and the S&P 500 is up 16.
TEPCO, the owner of the troubled Fukushima nuclear power plant, said a power line has been installed and will likely be connected to the power grid on Friday. This could substantially improve the dire task of cooling spent fuel rods, which pose substantial radiation risk. TEPCO said today's helicopter water drops was effective at cooling the spent fuel pool.
After a hot PPI number yesterday, today's CPI number was more tame. CPI for the month of February comes in at 0.5%, versus the consensus of 0.4%. On a year-over-year basis, the metric is up 2.1%, versus economist estimate of 2.0%. CPI ex-food and energy was up 0.2%, versus the economist estimate of 0.1%.
Jobless claims for the week ended March 12 come in at 385,000, versus the consensus of 388,000. The prior week's initial reading of 397,000 was revised higher to 401,000. Continuing claims for the week ended March 5 came in at 3.706 million, versus the consensus of 3.75 million. The prior week reading of 3.771 million was also revised higher to 3.786 million.
At the open the Dow is up 141, Nasdaq is up 40 and the S&P 500 is up 16.
TEPCO, the owner of the troubled Fukushima nuclear power plant, said a power line has been installed and will likely be connected to the power grid on Friday. This could substantially improve the dire task of cooling spent fuel rods, which pose substantial radiation risk. TEPCO said today's helicopter water drops was effective at cooling the spent fuel pool.
After a hot PPI number yesterday, today's CPI number was more tame. CPI for the month of February comes in at 0.5%, versus the consensus of 0.4%. On a year-over-year basis, the metric is up 2.1%, versus economist estimate of 2.0%. CPI ex-food and energy was up 0.2%, versus the economist estimate of 0.1%.
Jobless claims for the week ended March 12 come in at 385,000, versus the consensus of 388,000. The prior week's initial reading of 397,000 was revised higher to 401,000. Continuing claims for the week ended March 5 came in at 3.706 million, versus the consensus of 3.75 million. The prior week reading of 3.771 million was also revised higher to 3.786 million.
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