This morning saw two relatively positive reports come out. The markets had little reaction to this data, as they continued to monitor the equity markets and the situation in Europe for any new information that might provide more insight into the situation there.
GDP and Consumer Sentiment Data Released
The first report was the release of the 3rd Quarter Gross Domestic Product (GDP) that showed the economy grew at an annual pace of 2.0% in the last quarter. This number came stronger than the 2nd quarter number of 1.3% and higher than the market expectation of 1.9%. The GDP is important to market watchers because it is the market value of all officially recognized final goods and services produced within the United States in a given period.
This morning also saw the University of Michigan’s revision of their Index of Consumer Sentiment for October come in at 82.6, down from the initial estimate of 83.1. This data saw very little reaction in the markets.
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