U.S. stocks rallied on Thursday on relief the economy grew at a 3.5% clip during the third quarter, sending the Dow Jones Industrial Average up 200 points, the S&P 500 rose 13 points and the Nasdaq Composite up 38 points. It was a solid short covering rally as bears got cocky the prior two days. So with GDP now behind us all eyes will turn to next week’s FOMC meeting and the debate surrounding the ‘extended period’ language in the FOMC’s statement.
Materials and oil caught a great bounce off the weak dollar and UYM traded up about 7%.. We are light on earnings today as we close the week’s trading. Next Friday we see unemployment figures so that could put a ceiling on the week ahead.
Our futures are slightly lower, Asia rallied a bit and the Hang Seng rallied about 2.3%.
Have a great day and a great weekend with your families.