"The Consumer Price Index print for November lit a fire under stocks as it came in much lower than expected at 2.7%. However, many on Wall Street were quick to throw cold water on the party, saying the data was incomplete due to the government shutdown and that we need to see complete December statistics in January to make sure a lower inflation trend is indeed in place."
"Prices across the energy complex were mixed after a big day on Wednesday, which saw gains for oil and natural gas. The blockade of Venezuelan oil tankers continued to lend support, and the oversold sector has brought out some bargain hunters. Add in the fact that, despite declining commodity prices, the energy sector is attracting interest as value portfolio managers are beginning to add to or initiate positions."
Stocks rose following a lower-than-expected November Consumer Price Index print of 2.7% and strong Micron Technologies earnings. Market participants warned that November data may be incomplete because of the government shutdown and that December statistics in January are needed to confirm an inflation downtrend. The Nasdaq led gains while the S&P 500 and Dow also closed higher. Treasury yields fell across the curve, with the 30-year at 4.80% and the 10-year at 4.12%. Oil prices were supported by Venezuelan tanker blockades and bargain hunting, while natural gas fell despite high LNG flows. Gold was flat.
Read at 24/7 Wall St.
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