Stocks ended near their worst levels of the day after Q3 GDP
growth and upbeat jobs data raised expectations that the Fed will
start considering a gradual end to QE at the start of 2014. Selling
pressure triggered by the 3.6% print in Q3 GDP was moderated,
however, but the possibility that tomorrow's non-farm payrolls and
consumer sentiment data might provide a less-optimistic outlook on
the economy. In addition, the details of GDP included an inventory
glut expected to pressure GDP to below 2% in the current quarter.
Large caps were hardest hit, especially financials and other
interest-rate sensitive stocks, after the GDP data elevated the
benchmark 10-year Treasury yield to a high of 2.88% today.
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