The final look at 4Q Gross Domestic Product, the broadest measure of economic output, showed a larger-than-expected rate of expansion, as it rose at a 3.1% annualized rate of growth, compared to the 2.8% increase previously reported, and the 3.0% growth that was forecast. Personal consumption rose 4.0%, down slightly from the 4.1% that was previously reported. The GDP Price Index rose 0.4%, unrevised from the preliminary reading and inline with what economists anticipated, and the core PCE Index, which excludes food and energy, increased 0.4%.
The final University of Michigan Consumer Sentiment Index was revised lower than expected, adjusted to 67.5 from a 68.2 initial reading for March, and compared to the modest decline to 68.0 that economists forecast. The deterioration in the index came as the economic outlook and current economic conditions components were both adjusted downward.
The Dow Jones Industrial Average rose 50 points (0.4%) to 12,221, the S&P 500 Index increased 4 points (0.3%) to 1,314, and the Nasdaq Composite gained 7 points (1.4%) to 2,743. WTI crude oil fell $0.20 to $105.40 per barrel, while the Bloomberg gold spot price decreased $2.60 to $1,428.05 per ounce. For the week, the DJIA gained 3.1%, the S&P 500 Index rose 2.7% and the Nasdaq Composite added 3.8%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
