The GDP for Q3 showed a revision confirming that the end of the recession is still 'unofficially' official. The Case Shiller data was more mixed despite another small gain, but it has a farther look-back than most new data has been showing. And the FOMC released its minutes from the November 3 and 4 meeting that gave low inflation forecasts, higher GDP, and even less-bad unemployment. The FDIC fund going red had no solid impact on financials today. We even had a 2% drop in the price of oil despite a small gain in gold. Here were today's unofficial index closing bell levels:
DJIA 10,433.71 (-17.24)
NASDAQ 2,169.18 (-6.83)
S&P500 1,105.66 (-0.58)
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Reader Comments (Page 1 of 1)
11-24-2009 @ 6:24PM
patricia said...
Anyone who believes the recession is over is delusional. As long as unemployment remains high, there will be no real growth in economic activity. The only reason the numbers look good now is due to the government throwing around all that cash. That gravy train is ending, so reality is about to come crashing down on the economy. Plus, there is a crash coming in commercial real estate.
The only way to have real recovery is for the government to stop spending and printing money and to drastically cut taxes. Don't look for the Democrats to do this. It would seem they want the economy to crash, because the masses then call for more government. We are witnessing the end of the USA as we knew it. We will soon all be equally poor.
11-24-2009 @ 9:52PM
empirasign said...
From a jobs perspective, it surely does not feel like the recession is over, but even when stocks go nowhere, like to today, there were tons of new 52 week highs for sp500 members and zero new lows.
http://www.empirasign.com/free-reports/us-equities/new-52-week-highs-and-lows/
You can see the new highs as they happen (among other things like fx and interest rate moves) at our twitter feed:
twitter.com/empirasign
11-25-2009 @ 8:09AM
Virgil Bierschwale said...
From central Texas where things are supposed to be good, it is extremely bad.
Bottom line 3 million jobs and 30 million applicants and the corporations have quit investing in America per this graph I made yesterday analyzing the latest GDP numbers
http://keepamericaatwork.com/?p=5347
Regards,
Virgil
http://www.KeepAmericaAtWork.com