US stocks were higher today as the inflation report gave traders something the lick their chops at. Rising higher than yesterday’s close, the Dow Jones industrial average is up 54.43 points and sits at 11262.20 while the broader S&P 500 has added 4.12 points standing at 1307.14. Bear Stearns added $1.39 to $135.60. The No. 1 underwriter of mortgage-backed bonds said first-quarter earnings climbed 36 percent to a record $514.2 million, or $3.54 a share, in the three months ended Feb. 28. Bear Stearns's results exceeded the highest analyst estimate of $3.19 a share.
U.S. Treasuries rose in price while yields fell as economists said there was no urgent need for the Fed to raise rates much further after the CPI report. The benchmark 10-year note added 13/32 in price while the yield fell to 4.67 percent from 4.73 percent on Wednesday.
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