Markets Up On Oil And Economic Data
Wall Street is higher this morning responding to crude oil prices rebounding from yesterday’s multi-year lows and – perhaps, more importantly – new data showing that the U.S. economy grew at a healthy clip in Q3 of 2015.
By Paolo Palazzi-Xirinachs
Tuesday, December 22, 2015
Brent crude rose slightly a day after it slid to its lowest since mid-2004, but gains were limited due to continued global oversupply concerns and tepid demand for heating oil in what is shaping up to be the warmest winter on record.
The U.S. economy grew at a fairly healthy clip in the third quarter as strong consumer and business spending offset efforts by businesses to reduce an inventory glut, underscoring its resilience despite a raft of headwinds, according to Commerce Department figures released today in Washington
Gross domestic product grew at a 2% annual pace, instead of the 2.1% rate reported last month. While that was a sharp deceleration from the brisk 3.9% pace logged in the April-June period, growth remained around the economy's long-run potential, something that the U.S. central bank must have had on its mind last week when it raised interest rates for the first time in nine years, ending months of uncertainty and speculation displaying themselves in micro-bursts of market behavior.
This morning, advancing issues have outnumbered decliners on the NYSE by 1,714 to 1,132. On the Nasdaq, 1,400 issues have fallen and 1,205 have advanced. The S&P 500 index showed three new 52-week highs and six new lows, while the Nasdaq has recorded 22 new highs and 35 new lows.
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