The major averages have moved roughly sideways in recent trading, hovering in positive territory. The Dow is up 66.97 points or 0.4% at 16,905.71, the Nasdaq is up 8.99 point or 0.2% at 4,517.30 and the S&P 500 is up 7.26 points or 0.4% at 1,979.00.
The continued strength on
Before the start of trading, the
Excluding food and energy prices, the core consumer price index also inched up by 0.1% in July, matching the increase seen in the previous month. Economists had been expecting the core index to edge up by 0.2%.
Combined with last week's tame producer price inflation data, the report has further offset concerns about the outlook for interest rates.
The report said housing starts jumped 15.7% to an annual rate of 1.093 million in July after falling 4% to a revised 945,000 in June.
With the substantial increase, housing starts rose to their highest level reaching a rate of 1.105 million in November of last year.
In corporate news, shares of
Housing stocks have shown a significant move to the upside on the heels of the upbeat housing starts data. The Philadelphia Housing Sector Index has surged up by 1.6%, reaching its best intraday level in almost a month.
Considerable strength has also emerged among retail sales, as reflected by the 1.4% gain being posted by the Dow Jones Retail Index.
Natural gas, oil service, and utilities stocks are also seeing notable strength on the day, while most of the other major sectors are showing more modest upward moves.
In overseas trading, stock markets across the
The major European markets also moved to the upside on the day. While the German
In the bond market, treasuries have turned lower over the course of the trading session after seeing early strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.1 basis points at 2.398%.
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