The advanced estimate for Q4 GDP hit the wires this morning at 2.9%. Economists were expecting 2.8%, according to a Dow Jones survey. The steady expansion comes after the U.S. economy grew by 3.2% in Q3. According to BEA, “The increase in the fourth quarter primarily reflected increases in inventory investment and consumer spending that were partly offset by a decrease in housing investment.”
Bulls cheered the number while bears booed. The economy growing at nearly 3% is a long way from a recession.
Stock futures climbed after the news, but profit-taking struck after the bell, and we’re seeing outsized volatility so far this morning. For its part, the Nasdaq 100-ETF tagged its declining 200-day moving average for the first time since last April.
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Chart of the Day: Nasdaq 100 (QQQ)
Growth stocks are leading out this morning, with QQQ kissing the underbelly of its 200-day moving average.
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