Investors did not cheer the better-than expected April Producer Price Index data as much as the Consumer Price Index data on Wednesday. Of course, the index was closer to the upper end of the recent trading range and it would have taken an unexpected decline in the inflation data to add on to Wednesday’s rally.
After failing to hold unchanged from Wednesday (4152.75), the index was inundated with sellers off the opening of the regular session. However, buyers stepped in ahead of Wednesday’s low (4112.25), only reaching 4121.50 an hour into the session before staging a rebound into the close.
The end result was a decline of 6.75 handles at the closing price of 4145.25.
For the second day in row, and for the first time in a long time, Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components of the index. For the session, the issue added $4.62 or 4.1% at the closing price of $116.90. That brings the two day total to $8.96 or 8.3%.
For the second day in row, Exxon Mobil (NYSE: XOM) was the biggest loser of the top components. For the session, the issue declined by $1.95 or 2.8 % at the closing price of $105.79. That brings the two-day skid to $3.35 or 3.1%.
