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12-21-2013, 12:53 AM
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It was all good news today.
First, the scoreboard:
Dow: 16,221.4 (+42.3, +0.2%)
S&P 500: 1,818.5 (+8.9, +0.4%)
Nasdaq: 4,104.7 (+46.6, +1.1%)
And **w the top stories:
The Dow and S&P 500 closed at all-time highs.
U.S. GDP surged 4.1% in Q3 (http://www.businessinsider.com/us-gdp-q3-2013-12), according to the Bureau of Eco**mic Analysis' final estimate. Eco**mists estimated the number would clock in at 3.6%. The surprise was driven personal consumption growth, which was revised to 2.0% from an earlier estimate of just 1.4%. Real final sales (http://www.businessinsider.com/real-final-sales-revised-to-25-2013-12), which excludes inventory adjustments, was revised to 2.5% from 1.9%.
Here's Bank of Tokyo-Mitsubishi's Chris Rupkey: "[Americans] are taking care of themselves, spending more on health care, and getting out and about, spending more on recreation, and driving around more, buying more gasoline. Is this eco**mic growth fast e**ugh to put America back to work? The answer is, Yes, the wheels of the eco**my are turning fast e**ugh to bring down the unemployment rate further. In other words, the eco**my is running faster than its long run potential. The labor market improvement is sustainable, and the outlook for employment gains in 2014 is a bright one."
**t long ago, eco**mists were worried that anemic eco**mic data would mean easy monetary policy for years to come. But in recent weeks, all of the major U.S. indicators have come in stronger than expected. This led to the Federal Reserve unexpectedly an**uncing that it would be tapering some of its stimulus. "Starting to think this week's $10 billion taper was too little," said Deutsche Bank's Joe LaVorgna today. "Fed may have to be more aggressive next month."
Furthermore, this data also has some people doubting the Fed's verbal commitment to keep rates low. "I believe the market will struggle with the credibility of forward guidance in the context of an improving eco**my," said Bank of America Merrill Lynch's Priya Misra (http://www.businessinsider.com/most-important-charts-2013-12). "We have never dealt with forward guidance without QE, so QE tapering should weaken the market's perception of forward guidance."
Don't Miss: Wall Street's Brightest Minds Reveal THE MOST IMPORTANT CHARTS OF THE YEAR » (http://www.businessinsider.com/most-important-charts-2013-12)
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It was all good news today.
First, the scoreboard:
Dow: 16,221.4 (+42.3, +0.2%)
S&P 500: 1,818.5 (+8.9, +0.4%)
Nasdaq: 4,104.7 (+46.6, +1.1%)
And **w the top stories:
The Dow and S&P 500 closed at all-time highs.
U.S. GDP surged 4.1% in Q3 (http://www.businessinsider.com/us-gdp-q3-2013-12), according to the Bureau of Eco**mic Analysis' final estimate. Eco**mists estimated the number would clock in at 3.6%. The surprise was driven personal consumption growth, which was revised to 2.0% from an earlier estimate of just 1.4%. Real final sales (http://www.businessinsider.com/real-final-sales-revised-to-25-2013-12), which excludes inventory adjustments, was revised to 2.5% from 1.9%.
Here's Bank of Tokyo-Mitsubishi's Chris Rupkey: "[Americans] are taking care of themselves, spending more on health care, and getting out and about, spending more on recreation, and driving around more, buying more gasoline. Is this eco**mic growth fast e**ugh to put America back to work? The answer is, Yes, the wheels of the eco**my are turning fast e**ugh to bring down the unemployment rate further. In other words, the eco**my is running faster than its long run potential. The labor market improvement is sustainable, and the outlook for employment gains in 2014 is a bright one."
**t long ago, eco**mists were worried that anemic eco**mic data would mean easy monetary policy for years to come. But in recent weeks, all of the major U.S. indicators have come in stronger than expected. This led to the Federal Reserve unexpectedly an**uncing that it would be tapering some of its stimulus. "Starting to think this week's $10 billion taper was too little," said Deutsche Bank's Joe LaVorgna today. "Fed may have to be more aggressive next month."
Furthermore, this data also has some people doubting the Fed's verbal commitment to keep rates low. "I believe the market will struggle with the credibility of forward guidance in the context of an improving eco**my," said Bank of America Merrill Lynch's Priya Misra (http://www.businessinsider.com/most-important-charts-2013-12). "We have never dealt with forward guidance without QE, so QE tapering should weaken the market's perception of forward guidance."
Don't Miss: Wall Street's Brightest Minds Reveal THE MOST IMPORTANT CHARTS OF THE YEAR » (http://www.businessinsider.com/most-important-charts-2013-12)
http://static6.businessinsider.com/image/4ee6545269beddbb78000036/spacer.gif http://static6.businessinsider.com/image/4ee6545269beddbb78000036/spacer.gif http://static1.businessinsider.com/image/4fff1aa6eab8eaed4f000003/.gif http://static6.businessinsider.com/image/4ee6545269beddbb78000036/spacer.gif http://static6.businessinsider.com/image/4ee6545269beddbb78000036/spacer.gif BI Intelligence, a new subscription research service from Business Insider, provides in-depth insight, data, and analysis of the mobile industry.
Access all reports, research updates, presentations, data and chart libraries plus much more with your free trial.
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