The Consumer Price Index fell 0.7% month-over-month in December, less than an expected decline of 0.9%. The core rate, which excludes food and energy, was unchanged and just below the forecast of 0.1%.
Industrial production and capacity utilization tumbled in the last month of the year as the slide in economic activity accelerated. Industrial production fell a steep 2.0%, double the forecast of a 1.0% decline and November was revised much lower. Year-over-year, industrial production is down 7.8%.
The Dow Jones Industrial Average gained 69 points (0.8%) to close at 8,281, the S&P 500 Index rose 6 points (0.8%) to 850, and the Nasdaq Composite advanced 17 points (1.2%) to 1,529. Crude oil rose $1.11 to $36.51 per barrel, and gold was up $34.10 to $841.40 per ounce. For the week, the DJIA fell 3.7%, the S&P 500 Index lost 4.5%, and the Nasdaq Composite declined 2.7%.
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