The Consumer Price Index showed prices at the consumer level increased 0.1% in March, matching the forecast of economists surveyed. The core rate, which strips out food and energy, was flat for March, compared to the 0.1% increase that was anticipated.
Business inventories rose 0.5% in February, compared to the forecast of a 0.4% gain, and January’s flat reading was revised to an increase of 0.2%. Sales advanced 0.3%, resulting in the inventory-to-sales ratio remaining at 1.27 months in February.
Advance retail sales for March rose 1.6% month-over-month, compared to the forecast of an increase of 1.2%, while February’s 0.3% increase was revised to a 0.5% gain.
The Dow Jones Industrial Average gained 104 points (0.9%) to close at 11,123, the S&P 500 Index rose 13 points (1.1%) to 1,211, and the Nasdaq Composite was 39 points (1.6%) higher at 2,505. Crude oil was $1.88 higher at $85.93 per barrel, and the Bloomberg gold spot price increased $4.30 to $1,154.95 per ounce.
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