Stocks Are Higher After Economic Data

Chicago board of trade dow futures traderREUTERSA trader in the Dow Jones Industrial Average stock index futures pit at the Chicago Board of Trade waves his hands to get the attention of fellow traders as he shouts orders.

U.S. stocks are higher after the latest CPI report from the BLS showed that inflation increased less than expected in June.

The Dow is up 69 points, the S&P 500 is up 10 points, and the Nasdaq is up 35 points.

It’s also been a busy morning for earnings, with McDonald’s results disappointing, while Coca-Cola’s earnings per share beat expectations by a penny.

In addition to the CPI report, two other economic reports came out this morning: existing home sales and the Richmond Fed manufacturing survey.

Existing home sales climbed 2.6% in June to an annualized rate of 5.04 million, topping economists’ expectations for a 1.9% increase to a 4.99 million annualized rate.

The Richmond Fed’s latest manufacturing report came in at 7, beating expectations for a reading of 5 and jumping from last month’s reading of 3.

Activist investor Bill Ackman is also giving what he called “the biggest presentation of his career” this morning on Herbalife, a company he has been famously short for more than 18 months. Click here for our live coverage of Ackman’s presentation.

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