Summary
Stocks are higher at midday, this after weakness earlier in the session that was mostly the result of disappointing guidance from the likes of Intel and KLA Corp. That said, December’s headline Personal Consumption Expenditures price index appears to have resonated with investors who seem to be increasingly of the opinion that the Fed has indeed set the stage for a soft landing of the U.S. economy. PCE rose 0.2%, following a 0.1% decline in November and leaving annual PCE unchanged at 2.6%. Core PCE also rose 0.2%, up from 0.1% in November and bringing the annual rate to 2.9% from 3.0% last month. Elsewhere, Personal Spending rose 0.7%, which was higher than the expected increase of 0.5%. Personal Income drifted lower, rising 0.3% to match expectations but down from 0.4% in November. As well, solid earnings from American Express and Colgate-Palmolive are adding to a positive mood as the trading week draws to a close.
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Source: finance.yahoo.com