Major US stock indexes opened flat Wednesday with a monthly increase in inflation, which still remains well below the Federal Reserve’s target.
The Dow Jones was up 14 points to 31,082 points at 9.40 a.m. GMT (1440 EDT), but the S&P 500 fell less than 1 point to 3,800.
The Nasdaq was up one to 13,073 points as oil majors, including Chevron and ConocoPhillips were down 1% each with crude prices losing around 1% for the day.
The recent rally in crude prices caused an 8.4% increase in the US’ gasoline index, which accounted for more than 60% of the overall increase in last month’s inflation.
Consumer prices rose 0.4% in December, after gaining 0.2% in November, the Labor Department said Wednesday.
For the 12 months through December, prices rose 1.4%, which is well below the Federal Reserve’s 2% inflation target.
As the world’s largest economy still struggles with the negative effects of the coronavirus, low productivity and high unemployment, domestic political uncertainty poses a higher immediate risk for investors.
Democrats were set Wednesday to move ahead in the House of Representatives to vote to impeach President Donald Trump amid riots at the US Capitol last week, although the outgoing leader said Tuesday that the 25th Amendment of the Constitution, which could see him removed from office by a vote from his Cabinet, is “of zero risk” to himself.
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