Consumer prices rose 3.1% in January, higher than economist forecasts, housing starts slowed sharply, and retail sales slowed, according to government data releases this past week. The disappointing economic news only slightly dampened enthusiasm for stocks.

The Consumer Price Index, a composite of a basket of monthly household expenses on food, energy, autos, housing, medical and other costs, rose 3.1% over the 12 months through January. This was higher than the 2.9% rise expected by economists. The Tuesday, February 13, release caused a sharp one-day decline in the stock market.