Stocks were mixed as the Dow fell while the NASDAQ was higher. Trading volume came in on the weak side. At the close the Dow was off 22 at 19,804. Banks rebounded and earnings reports continue to hit the wire like a Seattle rain shower.
In earnings reports both Goldman Sachs and Citigroup reported Q4 results. Goldman beat on both top and bottom lines while Citi reported earnings above estimates while revenue missed consensus guesstimates. Netflix reported better than expected subscriber growth and the gurus jumped all over the stock sending it higher in after hours trading.
Recent economic reports showed that core consumer prices rose 0.2% coming in less than expectations. The monthly price increase was the 5th in a row for overall consumer prices. The main cause behind recent inflation has been higher energy and gasoline prices. The core inflation rate for 2016 was 2.2% making it the highest reading since 2014. Ah the good old days!
Industrial production in December was up 0.8% thanks in large part to a surge in winter weather related utility production. The gurus had called for a gain of 0.6% so the overall number was better than expected. Car sales in December were stronger than projected which added upside to the reading.