Friends
The second look at 2nd quarter GDP (first of two revisions) showed that the economy grew at 1.7% in the second quarter, which is just about what market participants were expecting. The first look had indicated growth at 1.5%. Ok, nothing too exciting, but hey I’m trying here. Yes, traders continue to wait on Friday’s Bernanke speech, as no one seems to have much conviction either way.
For the day, the Dow Jones Industrial Average was up 4 points to close at 13,107. The S&P 500 was up 1 point to finish the day at 1410. Gold was down $10 to trade at $1659 per ounce, while oil was down $1.26 to trade at $95.07 per barrel WTI. Nothing to see here, just move along.
As for Dr. Bernanke and his speech at Jackson Hole on Friday, it is unlikely that he will make any major commitment before next Thursday’s ECB announcement or next Friday’s non-farm payroll report. We’ll try to stay awake tomorrow and get prepared for the big speech on Friday.
Have a nice evening everyone.
