(INDEXSP:.INX) hit a new all-time record closing high of 1818.32
today on the back of impressive economic numbers.
The final estimate of third-quarter GDP was 4.1%, significantly
higher than the 3.6% consensus forecast. Personal consumption also
impressed, rising 2.0%, easily ahead of the 1.4% consensus. The GDP
deflator was in-line at 2.0%.
The news was good enough to send the bears running for cover, with
all S&P sectors comfortably in the green; however, emerging
markets stocks were down, taking their cue from weakness in Chinese
In a reversal from the past two days, the small-cap
(INDEXRUSSELL:RUT) showed massive outperformance, up 1.9%, good
enough to make its own all-time high. We also saw a new record for
Dow Jones Industrial Average
(INDEXDJX:.DJI), and a new post-bubble record for the
) shined on Friday with a 14.5% rally, following a very impressive
third-quarter earnings report Thursday afternoon. Raymond James and
UBS both upgraded the stock this morning.
) rose 15.5%, despite reporting a third-quarter loss and revenues
that were well below analysts' expectations. In conjunction with
its earnings report, the company announced a five-year partnership
with electronics manufacturer Foxxconn to develop new smartphone
products, which is a signal that BlackBerry will be less dependent
on manufacturing low-margin hardware. New CEO John Chen said the
deal would help the company turn cash flow positive.
(NKE:NYSE) had a rough day, however, falling 1.2% despite a solid
second-quarter earnings report. Investors were underwhelmed with
the company's forward outlook, which is being dragged down by
expense pressures. Heading into the quarter, the stock was up 52%
year-to-date, so expectations may have gotten a bit ahead of
Over in fixed income, the 10-year US Treasury yield is back down to
2.89% after an early morning rally that nearly hit the 3% mark.
Tomorrow's Financial Outlook
Given that we're heading into a holiday week, it's likely to be a
slow day in terms of news, and volumes should be low.
However, there is some economic data on the calendar. At 8:30 a.m.
EST, we will receive November personal income, personal spending,
and PCE prices. And at 9:55 a.m., the December University of
Michigan consumer sentiment survey will be released.
There are no major earnings reports due.