S&P 500 and Nasdaq close at record highs after strong GDP report

[The Purge]

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The S&P 500 and Nasdaq Composite closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings.

The S&P 500 climbed 0.5% to 2,939.88, an all-time closing high. The tech-heavy Nasdaq ended the day up 0.3% at 8,146.40. The Dow Jones Industrial Average rose 81.25 points to 26,543.33 and closed 1.5% below its all-time high.

First-quarter gross domestic product was 3.2%, the Commerce Department said on Friday, topping the consensus economist estimate of 2.5%, according to Dow Jones. An increase in exports drove the better-than-expected number.

“The economic expansion will set new records for longevity in July and it looks like there is no stopping this economy,” said Chris Rupkey, chief financial economist at MUFG, in a note. “We had all but given up on the first quarter with the Federal government shutdown ending January 25, frigid winter weather conditions shutting down manufacturing production, and the fears of a world growth slowdown.”

“So far the fears are unfounded,” Rupkey said.

The major indexes hovered around the flatline for most of the session as companies like Exxon Mobil and Intel delivered quarterly reports that disappointed investors.

Dow member Exxon fell more than 2% after the company’s results were dragged down by poor performances in its refining and chemicals businesses. Intel, another Dow component, fell 9% after the company issued light revenue guidance for the year. The stock also posted its biggest one-day drop since 2016.

“The burden of proof is fairly high,” said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. “Investors’ appetite for companies that either disappoint or offer lower guidance on a go-forward basis tends to be met with a pretty sharp reaction.”

Those results overshadowed stronger-than-expected numbers from companies like Amazon and Ford Motor


Trumponomivs keeps moving along....why vote in a DemonRAT and fuck it all up?

 

[MarathonMike]

And the DEMs has a sad because they are rooting against the American economy and the President.

 

[BuckToothMoron]

Stand and applaud now, but be prepared to defend the recession that will likely occur before the 2020 election.

 

[Penelope]

Stock buy backs.

 

[william the wie]

Stand and applaud now, but be prepared to defend the recession that will likely occur before the 2020 election.

A true recession by the original definition, two quarters of negative GDP growth, is highly unlikely. That said, the at least partial, collapse of the Democratic party as a functioning opposition party is highly likely to get much worse.

 

[BuckToothMoron]

Stand and applaud now, but be prepared to defend the recession that will likely occur before the 2020 election.

A true recession by the original definition, two quarters of negative GDP growth, is highly unlikely. That said, the at least partial, collapse of the Democratic party as a functioning opposition party is highly likely to get much worse.

From what I am reading, this most recent GDP (3.2) is a phony number comprised of one time events and a phony inflation deflator. Actual GDP is about half. I wonder if Intel feels like this economy is expanding.

Ask yourself-
Loosest financial conditions in 25 years.
Lowest unemployment in 50 years.
GDP 3.2%
But the Fed can't raise rates until 2020?

This dose not add up. I feel like we are being hoodwinked.

 

[william the wie]

Stand and applaud now, but be prepared to defend the recession that will likely occur before the 2020 election.

A true recession by the original definition, two quarters of negative GDP growth, is highly unlikely. That said, the at least partial, collapse of the Democratic party as a functioning opposition party is highly likely to get much worse.

From what I am reading, this most recent GDP (3.2) is a phony number comprised of one time events and a phony inflation deflator. Actual GDP is about half. I wonder if Intel feels like this economy is expanding.

Ask yourself-
Loosest financial conditions in 25 years.
Lowest unemployment in 50 years.
GDP 3.2%
But the Fed can't raise rates until 2020?

This dose not add up. I feel like we are being hoodwinked.

Now, I understand your point. You are obviously not in an area that is the recipient of massive tax base flight. Here in FL, TN and much of TX prices for existing homes are skyrocketing. This loss of non-federal tax base and potential qualified home buyers mostly in blue states is skewing the numbers big time and is not part of GDP calculations. That CA, NY and IL are collapsing as I type has absolutely nothing to do with GDP computations.

 

[BuckToothMoron]

Stand and applaud now, but be prepared to defend the recession that will likely occur before the 2020 election.

A true recession by the original definition, two quarters of negative GDP growth, is highly unlikely. That said, the at least partial, collapse of the Democratic party as a functioning opposition party is highly likely to get much worse.

From what I am reading, this most recent GDP (3.2) is a phony number comprised of one time events and a phony inflation deflator. Actual GDP is about half. I wonder if Intel feels like this economy is expanding.

Ask yourself-
Loosest financial conditions in 25 years.
Lowest unemployment in 50 years.
GDP 3.2%
But the Fed can't raise rates until 2020?

This dose not add up. I feel like we are being hoodwinked.

Now, I understand your point. You are obviously not in an area that is the recipient of massive tax base flight. Here in FL, TN and much of TX prices for existing homes are skyrocketing. This loss of non-federal tax base and potential qualified home buyers mostly in blue states is skewing the numbers big time and is not part of GDP calculations. That CA, NY and IL are collapsing as I type has absolutely nothing to do with GDP computations.

I live in Denver. I know a bit about skyrocketing real estate prices. The rental I bought in 2015 for $350k is now worth about $490k, and the rent is up 20%.

DENVER (AP) — The U.S. Census Bureau says Colorado grew by nearly 80,000 people between mid-2017 and mid-2018.

The Denver Post reported Monday that Colorado's population grew by 1.4 percent from July 1, 2017 to July 1, 2018.

The Census Bureau says that's the seventh-fastest growth rate in the country. Nevada and Idaho were tied for first with a 2.1 percent growth rate.
Colorado gains 80,000 residents, growth rate 7th in nation

 

[william the wie]

A normally well run low population state like CO can grow much faster than any of the top ten big population states and with buyers fleeing CA housing prices can easily hit much higher levels despite the relative ease and low cost of housing construction. You picked the right time and place to be at.

 

[Toddsterpatriot]

Stock buy backs.

Those are awful!
I hate it when my stocks go up.
Just awful!