#stocks #economy, #GDP
$SPY $QQQ $RUT $DIA $VAX
“The S&P 500 rose 1% marking its 3rd all-time high this week. More than 80% of the stocks in the benchmark index closed higher. Technology stocks, banks and a mix of companies that rely on consumer spending accounted for much of the gainers'”— Paul Ebeling
DjIA +239.79 at 35730.48, NAS Comp +212.28 at 15448.11, S&P 500 +44.74 at 4596.42
“Mr. Biden’s path to an agreement on his ‘BBB’ plan has fallen in a deep pothole with his fellow Dems, Very Bullish” — Paul Ebeling
Reviewing Thursday’s US economic data:
- The Advance Q-3 GDP report indicated real GDP increased at an annual rate of 2.0% as personal spending growth decelerated to just 1.6% from 12.0% Q-2. The GDP Price Deflator was up 5.7% after increasing 6.1% in Q-2.
- The Key takeaway from the report is that it was weaker than meets the eye. Real final sales of domestic product, which exclude the change in private inventories, were down 0.1% after increasing 8.1% in Q-2.
- For the wk ending 23 October initial claims declined by 10,000 to 281,000 marking the lowest mark for initial claims since 14 March 2020. Continuing claims for the wk ending 16 October decreased by 237,000 to 2.243-M, the lowest level since 14 March 2020.
- The Key takeaway from the report rests in the improving trend in jobless claims, which is what should be seen when taking into account the big number of job openings and the recurring acknowledgment of labor constraints heard from companies reporting earnings.
- Pending home sales decreased 2.3% M-M in September following an unrevised 8.1% increase in August.
Looking Ahead: Investors will receive Personal Income and Spending for September, PCE Prices for September, the final University of Michigan Index of Consumer Sentiment for October, the Employment Cost Index for the third quarter, and the Chicago PMI for October Friday.
- S&P 500 +22.4% YTD
- NAS Comp +19.9% YTD
- DJIA +16.7% YTD
- Russell 2000 +16.4% YTD
Have a prosperous day, Keep the Faith!
#economy, #stocks, #GDP, #Biden,
