Friends
Today’s third quarter GDP number showed that the economy grew at 2%. We seem to be falling back towards the growth numbers we had seen before the pandemic hit. Unfortunately, we have a whole lot more inflation than before the pandemic hit. Despite all of that and perhaps buoyed by more good earnings reports stocks got off to a good start this morning and were able to hold onto the gains throughout the trading session.
By the close, the Dow Jones Industrial Average was up 239 points to finish the day at 35,730. The S&P 500 was up 44 points to close at 4,596. The Nasdaq Composite Index was up 212 points to close at 15,448. Gold was up $1 to trade at $1,800 per ounce, while oil was up $.18 to trade at $82.84 per barrel WTI.
The President went on television this morning to announce that there appears to be agreement on the spending bill. We’ll reserve comment until it really passes and we know the extent of the spending and tax changes. In the meantime let’s see what Amazon, Starbucks and Apple report after the close and how that sets things up for tomorrow.
Have a nice evening everyone.
