Stock Market Today: Stocks turn higher on inflation relief
The S&P 500 is negative for the year, and just 1% higher than it was on Election Day.
U.S. turned higher in early Friday trading while the dollar jumped to multiweek levels and Treasury yields retreated, as global markets reacted to President Donald Trump's renewed tariff threats while American markets looked to claw back losses from yesterday's selloff.
Updated at 11:05 AM EST
Moving parts
Stocks are moving in and out of positive territory heading into the late morning session, with the benchmark VIX volatility gauge holding north of the $20 mark, as investors look to close out a difficult month with some modest index gains.
The S&P 500 was last seen 40 points, or 0.68% higher on the day, with the Nasdaq rising 0.73%. The Dow gained 277 points.
The VIX index, however, continues to suggest the potential for an afternoon selloff, and is pricing in daily swings of 1.27%, or 75 points, for the S&P 500.
"The inflation data we received this morning should provide some relief to investors, who are on the lookout for anything that confirms recent softer economic data," said Steve Wyett, chief investment officer at BOK Financial.
"The central part of this morning’s report that will draw concern form investors was the consumer spending data, which registered below zero," he added. "As growth scares linger, the continued policy uncertainty (particularly on the trade front), and softer economic data, will keep the Fed on the sidelines for now”.
Misery Index, the sum of the unemployment rate and CPI, is 7.0
Below the long-term average of 9.0 @yardeni https://t.co/NfKNK97gp3 pic.twitter.com/lRQox4nPsE— Mike Zaccardi, CFA, CMT
