Stocks started on relatively strong footing on Tuesday, after the second reading of Third Quarter GDP showed the US economy growing by 3.9% – better than expected. But, a slower than forecast rise in home prices and weaker energy prices ended up dragging stocks into lower territory by the end of trading. Excluding the energy sector, which dropped 1.6%, stocks were mostly unchanged, with Consumer Discretionary shares rising 0.23% on overall optimism. Oil fell to a four-year low as market participants began to doubt that Saudi Arabia and OPEC would announce a cut in oil production in their upcoming meeting set for this Thursday.
There is little for investors to grab onto on the Wednesday before Thanksgiving, and with so many traders and investors already heading for a long weekend, expect light volume today. This morning’s release of Durable Goods orders could impact market direction if the figure is materially away from consensus estimates – economists expect a decline of 0.5% in the month of October. Home sales and consumer sentiment data will also be released.
Make sure to tune into CNBC this afternoon at 3:45 PM when our President Oliver Pursche joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to give our latest analysis and outlook. And don’t miss a very special “Best Of” Money Matters with Gary Goldberg this Saturday at 2:00 PM and Sunday at 11:00 AM on WOR 710 AM Radio. Visit our website www.ggfs.com for details.