Dow climbs further into record territoryStocks rise as CPI numbers help allay investors' fears of inflation.NEW YORK (CNNMoney.com) -- Stocks jumped at the open Friday as investors welcomed the government's consumer price report and following the Dow's record close Thursday. Positive earnings and record bonuses at some of the larger investment banks like Lehman Brothers (Charts) and Bear Stearns (Charts), also painted a positive picture of the economy. The Dow Jones industrial average rose further into record territory, after jumping to a record close Thursday. The Consumer Price Index, which measures prices paid at the retail level, was unchanged in November, the Labor Department reported, after falling 0.5 percent in October on falling gasoline prices. Economists surveyed by Briefing.com had forecast a 0.2 percent rise in the CPI. Core CPI, which discounts volatile energy and food prices, was up .4%, indicating that the economy is slowing at a moderate pace, steering investors away from recession fears. Oil prices rose 34 cents to $62.85 a barrel on electronic trading. |
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