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US stocks open higher after inflation data, Dow up to record high

2019-07-11 02:03 pm | Resource: News | No Views : 42

 US stocks open higher after inflation data, Dow up to record high

US equity markets started trading on Thursday high ahead of Fed Chairman Jerome Powell's second testimony before the House Financial Services Committee. Yesterday, Powell pointed out strongly that a rate cut may come in order to maintain the current economic expansion. On the data front, the Labor Department said core inflation in consumer prices rose to 2.1%, while initial jobless claims for the week ending July 6 fell by 13,000.

US consumer price inflation rises to 2.1%

The US Department of Labor's monthly report showed mixed results for consumer prices. The government said on Thursday that the benchmark index rose 0.1% in June, as in the previous version, but the inflation index weakened by 0.2 percentage points to 1.6% year-on-year. The core index, which excludes food and energy as volatile items, jumped 0.3 percent or three times more than in May and the most since January 2018, while the base gauge strengthened 2.1 percent year-on-year from 2 percent a month earlier.

Trump imposes sanctions on China over Iranian oil imports

US President Donald Trump is considering whether sanctions are an appropriate way to respond to Chinese imports of Iranian oil, which the United States says are in violation of sanctions against Iran, Politeco reported on Thursday. WASHINGTON (Reuters) - Trump's top members agree that China's imports of more than 1 million barrels of Iranian oil are a violation of US sanctions against Iran, but the acknowledgment remains uncertain if they should respond, three US officials said.

Politico said US State Department sources had suggested that China be allowed to get oil from Iran instead of paying for its investments in the country, but "China's hawks in the National Security Council" insisted that more sanctions should be imposed.

Earlier, China said it would continue to buy oil from Iran despite the fact that the United States had refused to extend its exemption from sanctions against Iran. The United States and China resumed trade talks earlier this month after President Donald Trump and President Xi Jinping met at the G20 summit in Osaka, but additional sanctions could cause further trouble for trade talks and further uncertainty in world trade.
  • The Dow Jones Industrial Average rose 0.37% at 9:30 am EST, hitting the highest level of the day
  • The Nasdaq 100 rose 0.20%, with the shares of Nevada rising. By 2.52%.
  • At the same time, the S & P 500 rose 0.24%, with Cigna rising 11.84% at 9:46 am ET.

The euro was steady against the dollar to trade at 1.12557 at 9:40 ET, while the British pound jumped 0.36% compared to the dollar at 1.25495 at the same time.

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