Market update …… they are spinning it positive again.
Proclaiming the “unofficial” end to the recession…
The U.S. economy grew in the third quarter for the first time in a year as consumer spending and investment in new home-building rebounded, data showed on Thursday, unofficially ending the worst recession in 70 years.
while also claiming…
The surge in consumer spending and residential investment was likely driven by government stimulus programs.
I think it would be wiser to wait and see the numbers after the stimulus programs end, before pushing the market so high it will hurt when it falls.
Playing the “expectations” game again. People are still losing jobs, just not as many as expected. So therefore, this is excellent news. And so the Wall St/Main St divide continues. Wall Street celebrating, Main St, not so much. People are still losing jobs. And people are still unemployed.
The number of newly laid-off workers seeking unemployment benefits likely dropped last week, a sign the labor market is improving a bit as job cuts ease and the economy slowly recovers from the worst recession since the 1930s.
A Labor Department report is projected to show new unemployment insurance claims dropped by 10,000 to a seasonally adjusted 521,000 last week, according to economists surveyed by Thomson Reuters.
All of this “good” news is affecting oil markets. Up today because our economy is showing growth. That’s right, now that we’ve lost fewer jobs, Americans can afford to pay higher oil prices.
Makes perfect sense.