Stocks Rise Despite Record Oil Prices, Inflation Worries
Stocks erased morning losses to close higher on Wednesday, despite crude oil hitting a record high above $101 per barrel. The Dow gained +90.04, the S&P 500 rose +11.25, and the Nasdaq Composite jumped +20.90.
Inflation continued to worry investors after the Labor Department’s monthly CPI report showed consumer prices and the “core CPI” rose more than expected in January.
The Federal Reserve released its January meeting minutes, which showed concern about the U.S. economy.
Watson Pharmaceuticals
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PowerRating) reported a profit for the fourth quarter compared to net loss in the year-ago period (read more).
Shares of Sharper Image
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PowerRating) tumbled after the company said it has filed for Chapter 11 bankruptcy (read more).
3Com
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PowerRating) and Bain Capital withdrew their filing to the committee on Foreign Investment in U.S. (read more).
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