The U.S. Department of Commerce’s revision to third-quarter GDP growth was about as expected, at 2.8% growth versus an initial 3.5% estimate. It’s still the first quarter of growth since the second quarter of 2008. As RDQ Economics point out this morning, profit growth was severly lopsided, with financials firms seeing growth of 36.4%, versus 2% in the rest of the economy. RDQ’s analysts predict Q4 GDP growth of 3%.
The S&P 500 slipped 7.56 points on the news to 1,098.68, while the Dow was down 73.31 points to 10,377.64.
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