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GDP grew more than expected in Q3. However, everyone’s attention is on “Frankenstorm.”First the scoreboard:
Dow: 13,107, +3.5, +0.0 per cent
S&P 500: 1,414, +1.0, -0.0 per cent
NASDAQ: 2,987, +1.8, +0.0 per cent
And now the top stories:
- Markets were getting pummelled overnight, but they bounced back aggressively after the GDP report.
- The Bureau of Economic Analysis published said its advanced reading Q3 GDP was much better than expected. The economy grew at a 2.0% rate, which compares to economists’ expectation for 1.8%. Personal consumption climbed 2.0%, which was just shy of the 2.1% expected. The key driver of growth was government spending, which saw a huge boost in national defence spending. Here Are The 20 Fastest Growing Economies In The World >
- The University of Michigan Consumer Confidence was a disappointment, falling to 82.6 from a preliminary reading of 83.1. Economists were looking for 83.0.
- Two tech behemoths delivered disappointing quarterly earnings. Amazon.com reported a $0.60 per share net loss, which shocked everyone. Analysts were looking for an $0.08 loss. However, the bulk of that loss was related to a writedown taken on the company’s investment in coupon giant LivingSocial. Surprisingly, shares rallied today. Here Are The 10 Most Troubled Industries In America >
- Apple’s earnings announcement was mixed. Revenue came right in line at $36 billion. But earnings per share was weak at $8.67. iPad sales were a bit light. But iPhone sales blew past expectations with 26.9 million units being sold.
- The eastern U.S. is bracing for Hurricane Sandy aka “Frankenstorm.” Meteorologists forecast Hurricane Sandy will come up from the Bahamas and collide with a second storm coming from the midwest to form what could be the worst storm the Northeast has seen in a century. New York City Mayor Bloomberg is warning people to prepare to evacuate on Tuesday.
- Don’t Miss: The 16 Pipeline Operators With The Most ‘Incidents’ >
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