Friends
As expected, we saw a blow out 3rd quarter GDP number this morning. Now, of course it is coming after a disastrous 2nd quarter GDP number, but it does give us an indication that the economy was improving as we entered the 4th quarter. Of course, now we are seeing a spike in Covid-19 cases at home and in Europe and the fear of further lockdowns is weighing on the markets. Stocks rallied off the GDP number and a number of good earnings reports to post healthy gains throughout the trading session.
For the day, the Dow Jones Industrial Average was up 139 points to close at 26,659. The S&P 500 was up 39 points to finish the day at 3,310. The Nasdaq Composite Index was up 180 points to close at 11,185. Gold was down $9 to trade at $1,869 per ounce, while oil was down $1.03 to trade at $36.36 per barrel WTI.
After the close today we will get earnings reports form Apple, Amazon, Facebook and Google. It’s like the four horseman of big tech about to give us a glimpse into how great these companies are doing in the face of the pandemic. But, are their stock prices already reflecting the good news? Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
