Third-quarter GDP Came In MARGINALLY BETTER Than Expected
Third-quarter GDP came in marginally better than expected, and stock futures are easing off earlier lows, as the electorate gets one of the final big data points ahead of the November election.
Dow futures are still down, but have come off earlier lows as the market had a typical knee-jerk reaction to the data. Dow futures now are down 48 points; they were down around 100 earlier. Treasurys, which had been rising, are paring their gains. The yield on the U.S. 10-year is at 1.79%.
GDP was 2%, better than expectations of 1.8%. Dow Jones’ Jeff Sparshott and Eric Morath explain:
Americans opened up their wallets in the third quarter. Consumer spending accounted for most of the increase in GDP–real personal consumption expenditures climbed 2.0%, compared with only 1.5% in the second quarter. Purchases of long-lasting goods posted an especially strong 8.5% gain.
http://blogs.wsj.com/marketbeat/2012/10/26/stock-futures-narrow-losses-on-chipper-gdp-report/
