Stocks on Wall Street meandered higher Friday after the government reported that consumer inflation stayed mild — apart from the price of gas — in February.þþIn late morning trading, the Standard & Poor's 500-stock index was up 0.2 percent, while the Dow Jones industrial average gained 0.1 percent. The Nasdaq composite index was also 0.1 percent higher.þþThe market on Thursday rallied on upbeat American economic data and easing worries about European debt, despite some concern over the rise in oil prices. The S.&P. 500 closed above 1,400 for the first time since June 2008.þþOn Friday, the Labor Department said the Consumer Price Index rose 0.4 percent in February, the largest increase in 10 months, but gas prices rose 6 percent to account for most of the gain.þþFood prices were unchanged for the first time in 19 months. And excluding food and energy, so-called core prices rose just 0.1 percent.þþEuropean stocks eked out some modest gains Friday. The FTSE 100 index of leading British shares was up 0.4 percent in afternoon trading, while the CAC 40 in France rose 0.5 percent. Germany's DAX was 0.4 percent higher.þþThe euro was underperforming, however, as the dollar continued to gain support from the improving economic picture in the United States. The dollar was trading 0.2 percent lower at $1.3055.þþOne growing concern in the markets was oil. Rising oil prices raise inflation worries as well as potentially derailing the recovery picture.þþOn Thursday, oil prices swung wildly, with the benchmark New York rate dropping around $3 a barrel at one stage on reports that the United States and Britain had agreed to release spare supplies of oil in an effort to drive fuel prices lower. However, the White House said there was no plan to release supplies and oil prices recovered much of their losses. They were trading Friday around $105 a barrel.þþEarlier in Asia, Asian shares took a breather following a strong run earlier this week.þþThe Nikkei 225 index in Japan closed slightly higher at 10,129.83 points after morning profit-taking sent the benchmark into negative territory. The Nikkei has recorded a week of gains largely on the yen's retreat from record highs against the dollar. The dollar was up 0.2 percent at 83.73 yen on Friday.þþMainland Chinese shares advanced with the benchmark Shanghai composite index gaining 1.3 percent to 2,404.74. The Hang Seng Index in Hong Kong fell 0.2 percent and the Kospi in South Korea dropped 0.5 percent to 2,034.44.þ
Source: NY Times
