Overheard at gas station...

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 Micro Trading


Gasoline rising!

Consumer prices climbed at a 4.9% annual pace in April, marking a mild slowdown from March and notching the tenth straight month of declines in the annual pace of inflation.

Growth in core prices, which strips out the volatile food and energy categories, also slowed to a 5.5% annual pace, from 5.6% in March.The headline consumer-price index increased 0.4% in April from a month earlier, the Labor Department reported Wednesday, compared with a 0.1% climb in March. Economists had expected prices to rise 0.4% in April from March and to hold steady at a 5% annual rate.

Stock prices moved into positive territory in premarket trading following the news. Shortly after the open, the Dow Jones Industrial Average DJIA –0.21%  was up 0.6%, the S&P 500 SPX +0.24%  gained 0.8% and the Nasdaq Composite COMP +0.67%  was 1% higher.

The slowdowns represent notable progress in the Federal Reserve’s efforts to tamp down price growth, in part because they came in spite of a notable jump in gasoline prices last month. Gas prices were up 3% in April, which pulled the overall energy index up 0.6% for the month even as the cost of fuel oil and energy services declined.

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