The Day Ahead: Q3 GDP, Jobless Claims, Tax Credit Extension, Treasury Auction
October 29, 2009 – 3:52 amquities were slashed yesterday after the new home sales report posted an unexpected 3.6% decline for September. The S&P 500 fell 1.95%, the Nasdaq shed 2.67%, and the Dow moved further south from the 10k mark as it fell 1.21% to 9,762.69.
This morning, ahead of the first look at Q3 GDP, markets are cautious but generally looking up. That’s not bad considering economists at Morgan Stanley, BofA-Merrill Lynch, and Goldman Sachs all reduced their estimates for the preliminary survey earlier in the week….(read more)