Photo: Google Finance
Markets are staging an impressive rally on the tail of some disappointing economic news.
- Dow is up 99 points.
- S&P 500 is up 15 points.
- Nasdaq is up 43 points.
Earlier this morning, we learned that U.S. weekly initial jobless claims fell to 359k from 385k last week.
However, we got some bad news too.
Q2 GDP growth was actually 1.3 per cent, which is much lower than an earlier reading of 1.7 per cent growth.
This was largely due to personal consumption, which was revised down.
We also learned that durable goods orders plunged 13 per cent in August, which was much worse than the 5.0 per cent decline expected.
Excluding transportation, orders fell 1.6 per cent. Economists were looking for a gain of 0.2 per cent.
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