Stronger GDP Data Isn't Enough to Sustain Rally
Today's financial recap and tomorrow's financial outlook.
Overnight in Spain, unemployment rose from 24.6% to 25.0%. While not a large rise given the already elevated rate, this set a new record for the highest unemployment in the country since it became a democracy in the 1970s.
Apple (NASDAQ:AAPL) recovered from yesterday's negative earnings report to finish the day down a little less than 1%. The broader tech-based NDX-100 index rose 0.5% on the day.
Tomorrow's Financial Outlook
Monday trading may be sluggish as Hurricane Sandy will make landfall that evening in the Northeast. Economic data that morning will include personal income, personal spending, and the PCE deflator, the final gauge of real GDP. Income and spending data is expected to rise modestly from last month.
In European economic data, the UK will report consumer credit and Germany will report consumer price index data.
Earnings reports will include Burger King (NYSE:BKW), Hertz (NYSE:HTZ), Anadarko Petroleum (NYSE:APC), and Cavium (NASDAQ:CAVM).
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