Apparently those better-than-expected GDP numbers were enough to propel the stock market up all the way through the end of today.
So let’s see: consumer confidence goes down, the market goes up. The country’s economic output goes down, the market goes up. Evidently people just don’t care about broader economic indicators anymore. It’s all about rumours of bank demises.
AP: Wall Street is showing some welcome signs of stability, closing higher after a relatively calm session despite some downbeat economic news.
The market that a week ago was reeling from fears about a recession took in stride the government’s report of a drop in gross domestic product during the third-quarter. The GDP is the broadest measure of economic growth or contraction; the Commerce Department said GDP fell at an annual rate of 0.3 per cent during the quarter. Analysts expected a 0.5 per cent decline.
The major indexes all rose more than 2 per cent, and the Dow Jones industrials are up 189 points at the 9,180 level. But the Dow traded in a range of less than 300 points — well below the 400- and 500-point swings that have become commonplace.
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