Stocks open higher on GDP bump
Wall Street opened higher this morning, following the strong preliminary third-quarter GDP number released this morning by the Commerce Department.
In the first 15 minutes of trading, the Dow is up six-tenths of 1 percent.
The broader S&P 500 and the tech-heavy Nasdaq are both up about eight-tenths of 1 percent, as the markets work to recoup yesterday's losses.
Dampening the GDP number this morning was last week's report on initial jobless claims. Some 530,000 new claims were filed, a number that was higher than expected. The official U.S. unemployment rate stands at 9.8 percent, with more than 7 million new people having lost their jobs since this recession began in December 2007.
Today's GDP number was fueled by the $787 billion government stimulus, which is to say, it's not organic growth; it's subsidized growth. This morning, the AP released an investigation showing that the Obama administration has overstated by thousands the number of jobs created or saved by the stimulus. Click here to read it.
-- Frank Ahrens
Sign up to get The Ticker on Twitter
October 29, 2009; 9:46 AM ET
Categories: The Ticker | Tags: Dow Jones, jobless claims, nasdaq, s&p 500
Save & Share: Previous: Biden aide defends big bank profits, bonuses
Next: Reactions to return to positive GDP
Posted by: 123Njord | October 29, 2009 10:31 AM | Report abuse
Posted by: FraudObama | October 29, 2009 10:42 AM | Report abuse
Posted by: walker1 | October 29, 2009 10:50 AM | Report abuse
The comments to this entry are closed.