Stocks up at opening following Fed's inaction on interest rates
Stocks are up at opening this morning, following the decision by central banks in the U.S. and Japan to keep interest rates low.
In the first 15 minutes of trading, the Dow is up three-tenths of 1 percent.
The broader S&P 500 is up four-tenths of 1 percent and the tech-heavy Nasdaq is up nearly four-tenths of 1 percent.
Earlier this morning, the Labor Department said that wholesale inflation dropped 0.6 percent last month, the biggest dip in seven months.
A drop in energy prices pushed the overall number lower, offsetting a rise in food costs.
However, if you strip out the volatile energy and food costs, core wholesale prices ticked upward 0.1 percent, essentially staying flat and keeping inflation hawks at bay.
The consumer inflation numbers are due out Thursday. As long as inflation stays low, the Fed can keep interest rates low. The high unemployment in the economy and weak recovery are creating a lot of "slack," as economists say, which helps keep prices low.
Core wholesale prices are up only 1 percent over the past year.
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March 17, 2010; 10:20 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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