Thursday’s Midday Movers: 3 Stories Driving Markets
The major U.S. markets were improving Thursday thanks to a better-than-expected U.S. economic growth report. As of noon:
|DIJA: +0.56% to 14,907.61||S&P 500: +0.66% to 1,645.69||NASDAQ: +1.13% to 3,634.11|
|Gold: +1.49% to 79.24||Oil: -0.23% to 25.86||U.S. 10-Year: -0.07% to 27.80|
Here are three stories helping shape the markets Thursday afternoon.
1. Revised Q2 GDP: Here’s Proof of a Stronger Economy: Consumer spending, which accounts for approximately 70 percent of United States gross domestic product, is now more important than ever. Because government and business spending have remained weak, the economy is depending even more on household spending to fuel growth.
“Nothing looms larger than the health of the consumer in a second-half [economic] pickup,” economists at Citigroup wrote in a research note earlier this month. However, the still stubbornly high unemployment rate, stagnant wages, and higher payroll taxes have kept many consumers cautious, keeping purchases to immediate needs… (Read more.)