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Stocks Flat, CPI Concerns Offset Oil
NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as a bigger-than-expected jump in consumer prices stoked worries about more aggressive interest-rate hikes ahead and offset the benefit of a big drop in crude prices. Lower crude prices usually help the overall stock market because they ease the pressure on company profits and consumer spending. But energy companies' shares took a hit after oil prices slid, following government inventory data that showed a big rise in U.S. crude stockpiles. U.S. May crude (CLc5: Quote , Profile , Research ) futures fell $2.13 to $53.90. Dow component Exxon Mobil Corp. (XOM.N: Quote , Profile , Research ) fell 2 percent to $59.77, while ChevronTexaco Corp. (CVX.N: Quote , Profile , Research ) dropped 1.4 percent to $58.37. However, the Nasdaq held slim gains, buoyed by semiconductors. The Dow Jones industrial average was down 5 points, or 0.05 percent, at 10,465. The Standard & Poor's 500 Index was up 2 points, or 0.14 percent, at 1,174. The Nasdaq Composite Index was up 5 points, or 0.23 percent, at 1,994. Investors were worried by a rise in U.S. consumer prices in February. The core consumer price index, which excludes volatile food and energy prices, rose by a bigger-than-expected 0.3 percent, the government said. The CPI news came a day after investors were rattled by the Fed's comments on Tuesday that inflation pressures had picked up. Following the Fed's statement and a quarter-point rate hike, the dollar hit a one-month high against the euro. "It's not just an oil story anymore, it's an interest-rate story," said Robert Drust, managing director of listed trading regional investment bank Wedbush Morgan. He added that stocks would be much weaker if oil had not dropped. Short-term U.S. Treasury yields climbed to their highest level in more than three years. But semiconductor names gained, with the Philadelphia Stock Exchange semiconductor index up 1.4 percent. "Tech has been the most depressed over the last few sessions," said Roger Levine, managing director of equity trading at
pacific Crest Securities. "If something is going to bounce back on a stronger dollar and weaker oil prices, it's going to be the ones that have been down the most, and that's technology." Among other stocks, General Motors Corp. (GM.N: Quote , Profile , Research ) fell 3.3 percent to $28.56. GM, facing a possible credit downgrade to "junk" status, is in talks to sell a stake in its commercial
mortgage unit, a spokeswoman said. Mining companies' shares slid as metals prices such as gold, copper, zinc and aluminum fell. Aluminum producer Alcoa Inc. (AA.N: Quote , Profile , Research ) fell 1.6 percent to $30.46 while gold miner Newmont Mining Corporation (NEM.N: Quote , Profile , Research ) fell 1.3 percent to $42.17.
Source: reuters.com