Today's market action is very much directed by individual stock earnings reports. The Dow is the lone gainer on the heels of sterling profit reports by Visa and MasterCard. Social Media stocks are getting beat up and have the Nasdaq down by about half a percent. Investors were buoyed by a great GDP report for the third quarter. GDP came in at a 3.5% growth rate, a very robust number, showing that the recovery in the US economy is taking hold in a big way. Fallout from the ending of QE3 has been minimal but expect there to be an overhang for the next few days that will limit market upside. Gold and silver are down sharply while oil has resumed its downward pattern.
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