U.S. stocks are starting the day in positive territory as the Consumer Price Index (CPI) for November was in-line with estimates.
The S&P 500 was up 21 points to 2,043, the Dow Jones Industrial Average rose 179 points to 17,547 and the Nasdaq was lifted by 46 points to trade near 4,998.
The increase in the core CPI shows that prices are rising for rents, airline fares, new cars and medical care. Prices fell for gas and apparel. Clothing prices dropped 0.3 percent from October to November and declined 1.5 percent for the past year.
The Empire Manufacturing Survey for December was a negative 4.6, which was better than the previous month’s reading of negative 10.7 and beating the estimate of a negative 7. But it has been contracting for five straight months. New York workers are seeing sharp declines in employment levels and hours worked. New orders improved and the shipment index rose.
Asian markets ended lower across the board and the major European indices were all trading higher. Oil was lifted off its lows and the euro rose against the dollar giving European stocks a boost.
Kohl’s said that it was going to stay open for 170 straight hours during the holidays. Starting at 7 a.m. on December 17 through 6 p.m. on December 24, the store will remain open as a convenience to last-minute shoppers. The store will also run Super Saturday deals on December 19. Kohl’s stock is up 32 cents this morning to trade near $47.08.
Joseph Abboud is returning to the runway to present his fall collection during New York Fashion Week. It’s the first fashion show since the designer has been reunited with his namesake brand and the show will be held on February 2. The company is committed to being an all-American brand and is manufactured at its own factory in New Bedford, Mass. Abboud joined Men’s Wearhouse as its chief creative director in December 2012 and when the company acquired JA Holding, Abboud was back together with his namesake and the label was relaunched. Men’s Wearhouse has struggled this year with the stock losing 69 percent of its value year-to-date, but is up slightly by 2 percent to $13.76.