Major averages rose on mixed, above average volume closing in the middle to upper half of their trading ranges. The NASDAQ-100 outperformed, finally closing at new highs, and this also helped to propel the NASDAQ Composite Index to its own all-time high as it broke out of a long consolidation.
November producer prices increased 0.4% while analysts expected an increase of 0.2%. Meanwhile, retail sales came in below expectations. Excluding autos, retail sales rose 0.2% while the consensus expected an uptick of 0.4%. The prior month's reading was revised lower to 0.6% from 0.8%.
November Industrial Production decreased 0.4% (consensus -0.1%) while Capacity Utilization worsened to 75.0% (consensus 75.1%).
October Business Inventories will be released at 10:00 am ET.
The Federal Reserve concludes its two day meeting at 2 pm ET today. It is widely expected they will hike interest rates. The FOMC Policy Decision will be made public at 2:00 pm ET, followed by Fed Chair Yellen's press conference at 2:30 pm ET.
Expect markets to trade in a narrow range until then.
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