Market Happenings For Friday, March 15, 2013

For Dow stocks, AXP, BA, BAC, IBM, MMM, TRV and UTX are at 52 week highs. There are no Dow stock 52 week lows.

The Market

This morning we are down -38.

The Dow has finished higher the past 10 trading days, its best winning streak since 1996. If the Dow ends higher today, it would be the best stretch since January 1992.

The U.S. Bureau of Labor Statistics today said the consumer price index rose 0.7% last month. CPI was expected to have risen 0.5%. The Core CPI, which excludes volatile food and energy prices, rose 0.2% last month, as expected. On an annual basis, the inflation rate is 2%.

Industrial production was up +0.7% in February, after being flat the month before, according to the Federal Reserve. Economists were expecting a 0.4% rise.

J.P. Morgan Chase (JPM) shares are down over percent after the Senate committee commented on the London Whale losses.

Bank of America (BAC) shares are up 3 percent as the Fed approved the bank’s capital plan and the company announced plans to repurchase $10.5 billion in common stock and preferred shares.

European markets are down and Asian markets ended mixed.

The national average price of gasoline is down six-tenths of a cent to $3.695 per gallon.

Earnings Reports

There are no Dow stocks set to announce earnings in the near term.

Brown Shoe Company (BWS) is expected to report fourth quarter EPS of $0.08 vs. $0.10 a year ago.

Financial Calendar

0830 ET March Empire manufacturing index expected -2.0 at 8.0, Feb +17.82 to 10.04.

0830 ET Feb CPI expected +0.5% m/m and +1.8% y/y, Jan unch m/m and +1.6% y/y. Feb core CPI expected +0.2% m/m and +2.0% y/y, Jan +0.3% m/m and +1.9% y/y.

0915 ET Feb industrial production expected +0.3% m/m, Jan -0.1% m/m. Feb manufacturing production expected +0.2% m/m, Jan -0.4% m/m. Feb capacity utilization expected +0.2 to 79.3%, Jan 79.1%.

0930 ET Dallas Fed President Richard Fisher speaks at 2013 Conservative Political Action Conference on risks of U.S. banks considered “too big to fail.”

0955 ET Early-March U.S. consumer confidence (University of Michigan) expected +0.1 to 77.7, Feb +3.8 to 77.6.

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