The final revision of 3Q Gross Domestic Product, the broadest measure of economic output, showed a 2.2% annualized rate of growth, compared to the first revision, which was lowered to 2.8%. Personal consumption rose 2.8%, lower than the 2.9% forecast. The GDP Price Index increased 0.4% versus the 0.5% previously reported. The core PCE Index, which excludes food and energy, increased 1.2%, versus expectations of 1.3%.
Existing-home sales rose 7.4% month-over-month in November to an annual rate of 6.54 million units, better than the 2.5% increase to 6.25 million units forecast, and after surging 10% in October and 9% in September.
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The Dow Jones Industrial Average rose 51 points (0.5%) to close at 10,465, the S&P 500 Index added 4 points (0.4%) to 1,118, while the Nasdaq Composite gained 15 points (0.7%) to 2,253. Crude oil was $0.68 higher at $74.40 per barrel, and the Bloomberg gold spot price fell $9.48 to $1,083.93 per ounce.
