Preliminary 3Q GDP, the broadest measure of economic output, was revised from a decline of 0.3% on an annualized basis, to an annualized drop of 0.5%, in line with the forecast. The core PCE Price Index, moderated from 2.9% in the initial 3Q reading to 2.6%, below the forecast to remain at 2.9%. Details from Bloomberg...
The Consumer Confidence Index jumped from its lowest reading since the index began in 1967 in October of 38.0, to 44.9 in November and well above the forecast of 38.0.
The Dow Jones Industrial Average increased 36 points (0.4%) to close at 8,479, the S&P 500 Index was up 5 points (0.7%) to 857, while the Nasdaq Composite was down 7 points (0.5%) to 1,465. Crude oil fell $3.73 to $50.77 per barrel, and gold ended up $0.80 at $820.30 per ounce.
Magnificent Seven Update
