Stock Market Update

[BRIEFING.COM] The major averages are a touch above session lows as the market enters the final half hour of the session.

The consumer staples sector (+0.1%) now holds a slight gain, having steadily improved from a lower opening this morning, but the broader market remains lower. 

On the data front, consumer credit increased by $24.9 billion in March (Briefing.com consensus: $12.5 billion), the largest increase in a year, following a downwardly revised $8.9 billion increase (from $9.5 billion) in February.

The key takeaway from the report is the recognition that consumer credit saw its largest expansion in a year, driven by both revolving and nonrevolving credit. The former will stir some concerns about consumers perhaps needing to use credit more in the face of higher energy prices to pay for basic needs.