[BRIEFING.COM] The stock market spiked on Wednesday in response to a tamer-than-expected inflation reading, but after testing highs reached earlier in the month, stocks gave up the majority of their gains on technical-based selling interest.

In the end, the S&P 500 posted a modest advance, with nine of the ten economic sectors in positive territory. The Nasdaq saw a steeper retreat from its session high -- after being up 1.3%, it ended the session with a paltry 0.1% gain.

On the economic front, the April Consumer Price Index (CPI) rose 0.2%, while core CPI, which excludes food and energy, rose 0.1%. Economists expected a higher increase in prices, pegging a 0.3% increase in CPI and a 0.2% increase in core CPI. Compared to last year, total CPI is up 3.9% and core CPI up 2.3%. This matches the Fed's view that inflation should moderate, and is a positive report for the stock market.

The better-than-expected CPI data garnered the majority of the market's attention on Wednesday, but several corporate items also attracted some interest.

Department store operator Macy's (M 24.93, +0.87) reported an unexpected first quarter profit and reaffirmed its full year guidance. As a result, its stock rose 3.6% and spurred buying interest within the S&P 500 Retailing Index (+1.6%).

Shares of Freddie Mac (FRE 27.25, +2.29) spiked 9.2% after the company reported a first quarter loss of $151 million, or $0.66 per share, which was better than the expected loss of $0.93. The company also announced plans to raise $5.5 billion in capital. The financial sector advanced 0.9% on the day, outperforming the broader market.

Hewlett-Packard (HPQ 45.64, +1.37) was the best-performing S&P 500 component after its stock rebounded 3.1% from its recent 10% decline. Traders felt the sell-off in HP's stock over the buyout of Electronic Data Systems (EDS 24.34 unch) was overdone. Enthusiasm regarding HP's stock did not translate to other large-cap tech names, with the Nasdaq 100 ending the day down 0.2%.

Meanwhile, Deere (DE 81.25, -8.94), Electronic Arts (ERTS 52.78, -1.78) and Whole Foods (WFMI 28.96, -4.68) all saw their stocks get clipped after market participants responded negatively to their respective earnings reports.

Separately, the government's weekly energy report showed a smaller-than-expected increase in crude stockpiles.  However, crude oil prices were unable to find support on the report, falling 1.3% to $124.11 per barrel. The dip in prices weighed on the energy sector (-0.9%), which was the sole sector to post a loss.

[BRIEFING.COM] The stock market is giving up its earlier advance, as the S&P and Nasdaq fall to levels not seen since shortly after the opening bell.  The Nasdaq is taking the brunt of the selling pressure, going from a gain of 1.3% to its current advance of 0.2%.  Apple (AAPL 186.48, -3.48) is playing a large role in the dip, as its stock took a recent turn into negative territory.

The energy sector has also seen a notable retreat, as it is now posting a loss of 0.6%.

[BRIEFING.COM] The major indices are drifting off their best levels, but continue to post solid gains with all ten sectors in positive territory.

The VIX, a measure of volatility, is down 6.7% this session.  It is trading at its lowest level since October 2007, indicating traders expect less movement in the S&P 500 during the next 30 day period.

[BRIEFING.COM] Stocks continue to push higher, with each of the major indices up more than 1%.

The materials sector is providing leadership with a solid gain of 1.8%, marking a fresh lifetime high. The sector is the best performer this year with an advance of 8.4%. Agriculture chemical company Monsanto (MON 123.98, +3.59) is providing the biggest boost, up 3%.

[BRIEFING.COM] The stock market is trading near its recently reached session high.  All ten economic sectors are posting a gain, with five of them up more than 1%.

Within the S&P 500, 82% of stocks are posting a gain.  Exxon Mobil (XOM 90.71, +1.03), and Hewlett-Packard (HPQ 46.23, +1.96) are leading the way.  Deere (DE 82.28, -7.91) and Schlumberger (SLB 103.84, -1.06) are the main laggards.

[BRIEFING.COM] The stock market took a step back from its recent session high, but is now making a push higher.  The S&P 500 is currently up nearly 13 points, or almost 1.0%.

All ten of the major economic sectors are trading higher.  Telecom (+1.9%) is the session leader, though trading off its session high.  The sector had been up almost 2.6% this morning.  Industry giant and Dow Jones component AT&T (T 39.85, +0.59) is lending the most influence to the sector. 

[BRIEFING.COM] Market breadth is positive, with advancers outpacing decliners by 7-to-3 and by 5-to-3 on the Nasdaq.  This is reflected within the S&P 500's broad-based strength -- of the 137 industry groups, only 17 are posting a loss.

The bullish bias has persisted throughout the session, with the S&P not touching negative ground once.  The stock market is now up nearly 13% from its March 17 multi-year low, cutting its year-to-date loss to 3.6%.  The Nasdaq has posted a more substantial rebound, gaining 17% since March.

[BRIEFING.COM] On Wednesday, the stock market has posted strong gains throughout the session, with market bulls encouraged by a tamer than expected inflation reading. At midday, all ten economic sectors are in positive territory as the stock market trades near its session high.

The April Consumer Price Index (CPI) rose 0.2%, while core CPI, which excludes food and energy, rose 0.1%. Economists expected a higher 0.3% increase in CPI and a 0.2% increase in core CPI. Compared to last year, total CPI is up 3.9% and core CPI up 2.3%. This matches the Fed's view that inflation should moderate, and is a positive report for the stock market.

In earnings news, Freddie Mac (FRE 27.29, +2.33) reported a first quarter loss of $151 per million, or $0.66 per share, which was better than the expected loss of $0.93. The company plans to raise $5.5 billion in capital in the near term. Shares of Freddie are up a steep 9.3%, which is aiding in the financial sector's 1.0% advance.

Meanwhile, shares of farm and construction machinery manufacturer Deere (DE 82.28, -7.91) are getting hammered. Deere reported a solid 28% increase in earnings per share, but the results fell short of analysts' lofty expectations, which is spurring some profit-taking. Caterpillar's (CAT 82.70, -1.37) stock is falling in conjunction.

Macy's (M 25.17, +1.11) surprised the market by posting a quarterly profit of two cents per share, when a loss of two cents was expected. The company also reaffirmed its full year 2009 guidance. As a result, shares of Macy's are spiking higher, which is giving a lift to the S&P 500 Retailing Index (+1.9%).

In commodity trading, crude oil prices had several swings following the government's weekly energy inventory report that showed a smaller-than-expected increase in crude stockpiles. Price are currently down 0.9% at $124.66 per barrel, which is close to predata levels.

[BRIEFING.COM] Stocks are trading off their best levels of the session, but continue to post solid gains.

Shares of farm and construction machinery manufacturer Deere (DE 82.82, -7.37) are getting hammered, falling more than 8%. Deere's solid 28% increase in earnings per share fell short of analysts' lofty expectations, which is spurring some profit-taking. Deere is the worst performing stock in the S&P 500; Caterpillar's (CAT 82.53, -1.54) stock is falling in conjunction.  As a result, Industrials (+0.5%) are underperforming the broader market.

[BRIEFING.COM] The stock market extends its gains and then pulls back a bit.  The financial sector (+0.6%) is underperforming the broader market, even as the thrifts & mortgages group (+3.7%) outperforms.  Freddie Mac (FRE 27.52, +2.56) reported a $151 million first quarter loss, but that was good enough to top analysts' dour expectations.  Freddie also plans to raise $5.5 billion in capital in the "near future."

All ten economic sectors are now in positive territory, as the energy sector has recovered its earlier losses.  Crude has traded in a choppy manner since the crude inventory data was released, and is currently trading down 0.5% to $125.10 per barrel.

[BRIEFING.COM] The major indices continue to sport solid gains.  Retailers (+1.8%) are showing strength, with better-than-expected earnings at Macy's (M 25.47, +1.41) acting as the underlying catalyst.  Macy's reported a quarterly profit of two cents per share, while analysts expected a loss of two cents.

Just hitting the wires, the Department of Energy said crude inventories for the week ended May 10 rose by 176,000 barrels. Analysts expected inventories to rise by a larger amount of 2.3 million barrels.  Crude was trading down roughly 1% to $124.57 just prior to the data release.

[BRIEFING.COM] Stocks are posting healthy gains, with nine of the ten economic sectors in positive territory.  This session's strength is mostly broad-based, with telecom (+1.5%), financials (+1.4%), consumer discretionary (+1.4%) and tech (+1.0%) all showing early strength.

The energy sector (-0.3%) is a notable laggard as crude prices slip 0.9% to $124.70 per barrel ahead of the government's weekly energy report (10:30 ET).

[BRIEFING.COM] The stock market opens on a higher note, lifted by a tamer than expected inflation reading.

The April Consumer Price Index (CPI) rose 0.2%, while core CPI, which excludes food and energy, rose 0.1%.  Economists expected a higher 0.3% increase in CPI and a 0.2% increase in core CPI.  This is a positive report for the stock market.

In earnings news, Deere (DE) and Whole Foods (WFMI) missed their quarterly earnings estimates.  Electronic Arts (ERTS), Macy's (M) and Freddie Mac (FRE) all topped expectations.

[BRIEFING.COM] The stock market traded in a tight range on Tuesday, with stocks finally settling with a slight loss near the unchanged mark after being down as much as 0.5% and up as much as 0.2%. Positive developments regarding two stalled acquisitions and better-than-expected retail sales data helped offset concerns regarding financials, Hewlett-Packard's (HPQ 44.27, -2.56) latest purchase, and weakness in shares of the world's largest retailer.

In corporate news, Wal-Mart (WMT 56.65, -1.37) posted solid quarterly earnings, topping expectations by one cent. Shares were under pressure, though, as traders decided to take profits after the company provided guidance that left more room for disappointment than a positive surprise. Wal-Mart is still handily outperforming this year, with a 19% gain.

Hewlett-Packard preannounced second quarter earnings that were above expectations, and raised its full-year estimate. However, shares took a steep 5.5% drop on fears that HP is overpaying for its $13.9 billion, or $25 per share, acquisition of Electronic Data Systems (EDS 24.34, +0.26).

Financials (-1.4%) acted as the major drag on the broader market. Oppenheimer cut its earnings estimates for full year 2008 and 2009 on Goldman Sachs (GS 190.33, -1.75), Merrill Lynch (MER 48.26, -0.89), Lehman Brothers (LEH 42.95, -1.60) and Morgan Stanley (MS 46.61, -1.04). Oppenheimer believes the outlook for financials is far bleaker than reflected in the market.

Rating agency Moody's said that incurred portfolio losses at MBIA (MBI 9.32, -0.53) and Ambac (ABK 4.00, -0.33) are now higher than the agency's prior expected-case loss estimates. Moody's is concerned over the capitalization ratios of bond insurers MBIA and Ambac relative to the Aaa benchmark.  The news sent the financial sector to session lows.

The stock market, however, managed to limit its losses, as several items spurred some modest buying interest.

Yahoo! (YHOO 26.56, +1.30) posted a strong 5% gain on a CNBC report activist investor Carl Icahn is mulling a Yahoo proxy fight. CNBC said that if Icahn were to win three to four board seats, he would be able to force a deal with Microsoft (MSFT 29.78, -0.10) assuming Microsoft was still willing.

Clear Channel (CCU 34.30, +1.43) has reached a settlement against the banks it sued, according to CNBC. The financiers will now fund Clear Channel's transition to a private company at $36 per share.

The energy sector provided leadership with a gain of 1.2%. Crude oil spiked to an all-time high of $126.98 per barrel, before settling with a gain of 1.3% at $125.85.

In economic news, April retail sales, excluding autos, rose 0.5%, which topped the median estimate that called for growth of 0.2%. This advance was not due to a spike in gasoline costs either -- gasoline station sales actually fell 0.4%. When including autos, retail sales fell 0.2%, which matched expectations. These data indicate sluggish economic growth, not a recession -- as Briefing.com has been arguing all along.