Stocks were mixed in intraday trading Wednesday after the monthly read on the consumer price index came in better than feared. The Dow Jones Industrial Average was up 211.11 points, the Nasdaq Composite was down 11.40 points and the S&P 500 was up 10.16 points.
CPI came in up 0.5% month-on-month to 5.4%. Economists surveyed by FactSet expected consumer prices in July to have risen 0.5%, or 0.4% excluding food and energy costs. The annual CPI rate was forecasted to have increased 5.3%.
Jim Cramer told Action Alerts PLUS that the consumer is starting to strike back in terms of navigating price increases, particularly in used cars, opting to wait rather than pay up at current prices. Cramer added that a firmer consumer is exactly what the Federal Reserve wants to see.
“CPI is very positive and the principal reason stocks are up today,” Cramer said.
Catch his full take on the markets in the video above.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/11/21