US stocks rise modestly, even as the dollar rebounds and the day’s data disappoint, but none of the markets moved very much, although there were some potentially significant signposts that appeared during the day.
Industrial production, producer prices reports rise, but not as much as expected, illustrating a lack of demand and pricing power. That could also be seen in earnings out of Home Depot and Target. Home Depot raised its year forecast, but it was still below both Street views and last year’s results, and while Target managed to boost both earnings and sales, it was cautious about the holidays.
It all paints a picture of an economy that’s just really nowhere right now, not expanding, not contracting. Just waiting for some kind of seed crystal to come along and get things growing.
Crude, gold, Treasurys all post slight gains.
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