The KUIK Morning Market Report for Friday, October 27:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
12
points
23,413
7:17 AM
S&P500
Up
0.5%
percent
2,574
13.22
Nasdaq Composite
Up
1.6%
percent
6,663
106.09
30 Year Treasury
Down
(2)
Basis Points
2.94
Annual Yield
The Commerce Department reports the U.S. Gross Domestic Product grew at a 3% annual pace in third quarter despite damage from two hurricanes,. That was above economist expectations of a 2.7%, and only slightly below the 3.1% rate in the second quarter. The last time the economy had two consecutive quarters of above-3% growth was in 2014.
The University of Michigan reports consumer sentiment for October is the strongest it’s seen in 13 years. The final reading was 100.7, up from September’s 95.7. Economists expected 100.8. The average during the first ten months of 2017 at 96.7 has been the highest since 2000 when it averaged 108.5.
That GDP report and strong quarterly results from Amazon.com and Microsoft are leading the Nasdaq higher. The Dow is lagging behind the other equity gauges as shares of Chevron and Merck weigh on the price-weighted average.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
