Wall Street Has Strong Week With GDP Outperforming Estimates
America’s gross domestic product rose 2.6% in the third quarter
- Written by Banking Exchange staff
America’s gross domestic product rose 2.6% in the third quarter, beating estimates by .3% and helped to keep a strong market rally alive through Thursday.
While housing numbers were not as positive with a decrease month over month (declines in residential fixed investment as well), it was not enough to temper optimism.
Experts also sighted a narrowing trade deficit and an increase in consumer spending as part of the market boost for this week.
While the positive news helped with gains, interest rate hikes are still an area of major concern when it comes to a recession early in 2023.
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