Our first look at 2nd quarter GDP shows that the economy grew at 2.3%, which was a little shy of the 2.9% consensus among economists. Interestingly, the first quarter negative 0.2% reading was revised upward to a positive 0.6%. That puts both quarters in positive territory, which doesn’t say a lot necessarily, but it’s better than other developed countries.
As for stocks, not much happened. By the close, the Dow Jones Industrial Average was down 5 points to finish the day at 17,745. The S&P 500 was up a fraction to close at 2108. Gold was down $6 to trade at $1086 per ounce, while oil was down $.29 to trade at $48.50 per barrel WTI.
It would be hard for the bulls or the bears to claim victory after today’s session. In the last two weeks we’ve endured lukewarm earnings, an FOMC meeting, and a modest GDP print, yet here we are once again basically flat for the year. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.