GDP Surprises, Wall Street Rises, Dollar Reprises Gain

  • October 29, 2009
  • David Goodboy

A banner day for the stock market bulls! A better than expected GDP report, revealing that the economy has grown for the first time in a year, triggered broad based buying on Wall Street. In turn the U.S. Dollar reprised its winning ways, gaining solid ground against the Euro. However, quarter century high unemployment and credit concerns still weigh on the market. The DJIA soared +199.89 to 9962.58, the tech heavy Nasdaq added +37.94 to 2097.55 and the broad based S&P 500 jumped higher by +23.48 to 1066.11.

XL Capital
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Alcoa
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Luxottica Group
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Office Depot
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Oil added $2.41 to $79.97, gold surged $16.60 to 1047.10 and the VIX fear index fell hard by 11.29% to 24.76.

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Market Snapshot

Dow

 +199.89 9962.58

NASDAQ

 +37.94 2097.55

S&P 500

 +23.48 1066.11

Economic
News

CaseShiller Home Price Index (Aug): Consensus: -11.90%, Prior: -13.30%

Consumer Confidence (Oct): Consensus: 53.5, Prior: 53.1

Durable Orders (Sep): Consensus: 1.0%, Prior: -2.4%

Durable Orders ex Transportation (Sep): Consensus: 0.7%, Prior: 0.0%

New Home Sales (Sep): Consensus: 440K, Prior: 429K

Crude Inventories (10/23): Consensus: NA, Prior: 1.31M

Chain Deflator-Adv. (Q3): Consensus: 1.3%, Prior: 0.0%

GDP-Adv (Q3): Consensus: 3.2%, Prior: -0.7%

Initial Claims (10/24): Consensus: 525K, Prior: 531K

Continuing Claims (10/17): Consensus: 5915K, Prior: 5923K

Personal Income (Sep): Consensus: 0.0%, Prior: 0.2%

Personal Spending (Sep): Consensus: -0.5%, Prior: 1.3%

PCE Prices (Sep): Consensus: -0.5%, Prior: -0.5%

Core PCE Prices (Sep): Consensus: 0.2%, Prior: 0.1%

Chicago PMI (Oct): Consensus: 48.7, Prior: 46.1

Mich Sentiment-Rev (Oct): Consensus: 70.0, Prior: 69.4

Employment Cost Index (Q3): Consensus: 0.4%, Prior: 0.4%