The Consumer Price Index showed prices at the consumer level rose 0.2% in January month-over-month, below the forecast which called for the index to rise 0.3%. Meanwhile, the core rate, which excludes food and energy, unexpectedly fell, declining by 0.1%, versus the Street’s forecast of a 0.1% advance.
The Federal Reserve announced on Thursday evening that it will increase its discount interest rate—a primary credit rate for banks to obtain short term loans from the Fed—from 0.5% to 0.75%. The Fed said that the changes came “in light of continued improvement in financial market conditions.”
The Dow Jones Industrial Average rose 9 points (0.09%) to close at 10,402, the S&P 500 Index gained 2 points (0.22%) to 1,109, and the Nasdaq Composite increased 2 points (0.1%) to 2,243.
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