Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.2%), Nasdaq Composite (+1.4%), and DJIA (+1.2%) opened to solid gains this morning as the price of oil continues to decrease today. Currently, crude oil is down $4.28 (-4.3%) to $94.43 per barrel. 

Strength is broad, with only the energy sector (-0.1%) trading modestly lower amid the decrease in oil prices. 

The top-weighted information technology sector (+1.6%) leads the advance as memory storage names such as Sandisk (SNDK 708.49, +46.87, +7.08%) and Seagate Tech (STX 409.12, +25.41, +6.62%) dot the top of the S&P 500 leaderboard, pushing the PHLX Semiconductor Index 2.7% higher. 

Other outperformers include groups that have faced particular weakness amid the recent surge in energy prices, such as airlines and cruise lines, which supports gains across the industrials (+1.3%) and consumer discretionary (+1.1%) sectors. 

Industrial production increased 0.2% month-over-month in February (Briefing.com consensus: 0.4%) following an unrevised 0.7% increase in January. The capacity utilization rate was 76.3% (Briefing.com consensus: 76.0%), unchanged from an upwardly revised 76.3% (from 76.2%) in January.

The key takeaway from the report is that it marked the fourth straight monthly increase in industrial production, although that streak masks some otherwise tepid output. At 102.6 percent of its 2017 average, total industrial production was just 1.4% above its year-earlier level.