The Dow wavered on Wednesday, and a deluge of economic data failed to shake the stock market from its pre-Thanksgiving catnap.
US stock exchanges will be closed tomorrow for Thanksgiving, but the Dow threatened to begin its holiday weekend a day early.
Investors have grown immune to the oscillations of the trade war carrousel, and not even a deluge of bullish economic data could shake the Dow out of its pre-Thanksgiving catnap.
The Thanksgiving weekend has historically been a bullish one for US stocks. That trend mostly continued on Wednesday.
The Dow Jones Industrial Average bounced around its previous day close. At last check, the Dow had dipped 25.22 points or 0.09% to 28,096.46.
The S&P 500 rose slightly, adding 3.71 points or 0.12% to trade at 3,144.30.
The Nasdaq climbed even further, jumping 20.71 points or 0.24% to 8,668.64.
Wednesday brought a slew of vital data releases, and the US economy ran the table – at least on the five major releases published before the opening bell. None of the data were spectacular, but all five prints beat economist estimates.
Today’s data dump was headlined by preliminary third-quarter GDP, which revealed that the US economy had grown at a rate of 2.1% over the summer. That’s a significant dropoff from the first quarter’s 3.1% reading – not to mention the 4.2% reading from Q2 2018. Nevertheless, it’s stronger than expected; economists had predicted the US would sputter to growth of just 1.9%.
Here’s a roundup of other data:
Those pre-bell releases bode well for the economy, but data scheduled for later in the session could muddy that picture.
Wednesday will be the last full trading day of November. The stock market won’t open at all on Thursday, and it will close at 1 pm ET on Friday.
Last modified: September 23, 2020 1:18 PM