Taper-Supportive Data Are Catalyst For Fifth Consecutive Lower Stock Close

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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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