Stocks Trade Higher Despite Aggressive Political Talk
Today's financial recap and tomorrow's financial outlook.
The second estimate of third-quarter GDP rose to 2.7% from the first estimate of 2.0%, slightly below the 2.8% estimate. This increase was due to incoming data over the past month that showed a noticeable increase in US economic activity.
Following the mixed economic data, the market was shaken a bit by aggressive political statements. House Speaker Boehner was not enthusiastic that any deal could be reached and was disappointed in the response he had gotten from the White House. This was a big turnaround from Thursday, when he felt "enthusiastic" and "optimistic" about progress on the budget talks. Strong partisan talk from fellow Washington heavyweights Mitch McConnell and Harry Reid didn't help matters.
Nonetheless, the S&P 500 ((INDEXSP:.INX) squeezed through to finish in positive territory, with key momentum names Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) each trading up over 1%, a positive sign for the public's risk tolerance.
In energy news, the weekly natural gas inventory report showed a sharp increase in stockpiles compared to estimates. According to the EIA, stockpiles rose 4 billion cubic feet, much more than the expected decline of 5 billion cubic feet. January 2013 natural gas futures fell $0.15 to $3.65/BTU.
Tomorrow's Financial Outlook
In economic data, we will see the November Chicago PMI, as well as the October PCE prices, personal income, and personal spending numbers.
There are four earnings reports on the calendar, including United Natural Foods (NASDAQ:UNFI) and Genesco (NYSE:GCO).
However, the market is more apt to react to news out of Washington regarding the fiscal cliff.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter