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CNN Live At Daybreak

Producer Price Index Comes in Today

Aired November 09, 2001 - 06:14   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Let's check in on the business day ahead with David Haffenreffer. David, some signs of a little bit of a recovery on the Stock Market, at least if you compare it to pre-attack levels?

DAVID HAFFENREFFER, CNN FINANCIAL CORRESPONDENT: Yes, you know yesterday, it was the Dow Industrials, which managed to finish out the day above the September 11th pre-attack levels, which many see as a very good sign for the marketplace, Daryn. And certainly at this point, the futures continue to point to a mixed, and possibly higher open for us. The Dow Industrials finished at 95.87 with a gain of 33 points, which was well up. It's high. At one point the Dow posted a gain of 130 points during the session. But still, a gain is a gain.

KAGAN: A gain is a gain. Many of us Americans look at our credit-card bills, or perhaps our checking accounts to see how that economy is doing. But people in business, like you, are looking at bigger numbers that we look to come out today in terms of consumer spending.

HAFFENREFFER: Indeed. We'll be getting a couple of looks into the economy at this point today. One is the Producer Price Index for the month of October. This is inflation at the wholesale level. And for the most part, it is expected to fall by half a percent last month. The core rate which excludes food and energy costs, expected to trend lower as well. That comes out at 8:30 this morning. And then, perhaps more importantly, another report that comes out at 10:00 A.M. Eastern time today, one from the University of Michigan, a look into the consumer sentiment for the month of November. That will, perhaps be closer watched on Wall Street than the Producer Price Index.

KAGAN: And David, anything you can tell us about Friday? I don't mean your weekend plans, or your happy-hour plans, but Friday and how the market tends to trend this time of the year?

HAFFENREFFER: It's a difficult day for the markets in general; just because people, with so much uncertainty out there with the military campaign, fear of any possible future terrorist attacks, keep people from wanting to place too many bets ahead of the weekend. They don't want to go into the weekend hanging on to some holdings that they might have a hard time selling on Monday if something goes wrong. So that usually is something that does play into the session itself on a Friday. We'll have to see though.

KAGAN: OK. I didn't mean to suggest that I didn't hope you have good weekend plans.

HAFFENREFFER: I'm just going to sit around. I'm going to sit around and watch CNN.

KAGAN: What a life. What a guy.

HAFFENREFFER: Do what we can.

KAGAN: Do what we can, doing our part.

HAFFENREFFER: That's right.

KAGAN: David Haffenreffer in New York, thank you. Good to see you.

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