Tuesday began with indexes in the red as news of a Russian airline downed by Turkey hurt markets but as the day went by buyers came into the market and we saw a finish of 0.12% for the S&P 500 and 0.01% with the NASDAQ. In U.S. economic news, revised third-quarter GDP came in as expected, up 2.1% from the original reading of 1.5%.
When measured from the income side, the economy grew at a sturdy 3.1% clip, the fastest in a year and an acceleration from the second quarter’s upwardly 2.2% pace. Wages and salaries increased $109.3 billion, $61.6 billion more than initially estimated. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a still strong 3.0% rate in the third quarter, down from the 3.2% rate estimated last month. The downward revisions mostly reflected weak outlays on communication services and utilities.Continue reading