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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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
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By Frank Ahrens  |  October 29, 2009; 9:46 AM ET
Categories:  The Ticker  | Tags: Dow Jones, jobless claims, nasdaq, s&p 500  
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Comments

More hyped economic propaganda from Washington and Wall Street via wall Streets media empire that flies in the face of everything that Main Street is experiencing. GDP bump, where when manufacturing is still declining, when more citizens are out of work and home foreclosures are still at record levels as are personal and small business bankruptcies, What parallel universe is the Post reporting, the craft-er of this story doesn't have a conscience or knows shoe polish from what my steers used to leave in the pasture. A very suspect 1% drop in unemployment claims, which will be claimed as another statistical error, without counting the masses of workers who have lost thier benefits along with all of the rest who have not found employment..300 applications received in one day for a part time truck driver at my wife's company... and all of the rest of which we citizens are very much aware. Home Foreclosures here are still at record numbers, industries and businesses are still closing...which by the way...is in line with what happened after the 1929 crash, only worse this time, these businesses are closing permanently. The Washington post need an attitude adjustment, my business and family subscription is being cancelled today...maybe then the writers who parrot such Wall Street crap will get off thier behinds and go out on Main Street and do some real reporting on economic conditions, Wall Street and Washington, thefts, fraud, economic treason, and malfeasance...what do say folks...don't buy another newspaper anywhere, not just the Washington Post but all of them until they start telling it like it is not want Wall Street and Washington wants them to print...and more pictures please, more real reporters with illustrated real news stories and not propaganda...economy shows signs of improvement....where...Wall Street...or K Street.

Posted by: 123Njord | October 29, 2009 10:31 AM | Report abuse

Artificial Growth. The Govt and Liberalism does not stimulate real growth. Only the market can. Cash for Clunkers and First Time Home Buyer Govt programs are now shown to be excessive in cost per car/house. Much more than the advertised credits applied. This quarters numbers are a direct result of those two programs. It cannot be sustained. Govt intervention only perpetuates the problem. Liberals are not fans of the Free Market. They are invested in a Bloated Intrusive Govt. They worship Govt Intervention. That is why they are always so wrong.

Posted by: FraudObama | October 29, 2009 10:42 AM | Report abuse

Oh Dear! Another bad day for the GOP and its America hating Limbaugh sycophants.

Posted by: walker1 | October 29, 2009 10:50 AM | Report abuse

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