Why Bank of America Is Defying the Dow's Drophttp://www.fool.com/investing/general/2013/01/16/why-bank-of-america-is-defying-the-dows-drop.aspx Dan Dzombak
January 16, 2013
The Dow is down as the market frets over the debt ceiling and this morning's mixed economic releases. As of 1:15 p.m. EST, the Dow Jones Industrial Average (INDEX: ^DJI) is down 31 points, or 0.23%, to 13,504. The S&P 500 (INDEX: ^GSPC) is down a fraction of a point to 1,472.
There were three economic releases this morning.
The first report was from the Department of Labor, which reported that the consumer price index, a measure of inflation, was flat in December compared with November. That was in line with analyst expectations. Year over year, the CPI was up 1.7%. Core CPI, a measure of inflation excluding food and energy, rose 0.1% in December. That's in line with analyst expectations and the same growth rate as in November. Year over year, core CPI is up 1.9%. That's basically in line with the Federal Reserve's target of 2% inflation.
The second report was from the Federal Reserve, which reported that industrial production increased 0.3% in December -- a slower rate than November's 1% growth. Analysts had expected growth of 0.2%. Industrial production is now at its highest level since 2008.