Advance 4Q Gross Domestic Product, the broadest measure of economic output, grew at a 5.7% annualized rate, higher than the 4.7% expected, and an acceleration from the 2.2% growth reported in 3Q. Personal consumption advanced 2.0%, above the 1.8% forecast. The GDP Price Index rose 0.6%, versus the 1.3% consensus forecast, while the core PCE Index, which excludes food and energy, gained 1.4%, versus expectations of 1.3%. More from Bloomberg...
The University of Michigan’s Consumer Sentiment Index improved in January by a larger amount than initially reported, increasing from 72.8 in the preliminary report to 74.4, versus the forecast, which called for an increase to 73.0.
Chicago PMI , unexpectedly improved, increasing from a downwardly revised 58.7 in December to 61.5 in January, compared to the decline to 57.2 that was forecast. The employment index rose to 59.8 in January, up sharply from the 47.6 it reached in December.
The Dow Jones Industrial Average fell 53 points (0.5%) to close at 10,067, the S&P 500 Index lost 11 points (1.0%) to 1,074, and the Nasdaq Composite shed 32 points (1.5%) to 2,147. Crude oil was $0.75 lower at $72.89 per barrel, and the Bloomberg gold spot price fell $5.28 to $1,081.83 per ounce. For the week, the DJIA lost 1.1%, while the S&P 500 Index fell 1.7%, and the Nasdaq Composite declined by 2.6%.
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