The News Courier in Athens, Alabama

State and Nation

December 20, 2013

Futures juiced by U.S. economic growth

NEW YORK — Stock futures are rising and major U.S. indexes appear headed for solid gains after the U.S. reported unexpectedly strong growth during the third quarter.

KEEPING SCORE: Dow Jones industrial futures are up 23 points to 16,138. S&P futures have gained 3.75 points to 1,805.75. Nasdaq futures are up 8.5 points to 3,501.25.

GDP: The U.S. economy grew at its fastest clip since late 2011 from July through September. The Commerce Department reported growth of 4.1 percent, much stronger than most had expected, thanks in part to a resurgent consumer. Consumer spending drives about 70 percent of all economic activity in the U.S. It was the third and final revision from the government for the third quarter. More important still will be what kind of growth occurred during the final quarter of the year, when Americans typically shift into high gear with their spending. Many economists believe that growth in this quarter has slowed to as low as 2 percent.

WEEK 51, 2013: It's been a booming year for stocks and all major U.S. indexes have hit either record or multiyear highs. The Dow hit a record high this week and is up 2.7 percent through the first four days of trading. The S&P appears headed for its 10th monthly gain in the past 12 and it's up nearly 2 percent this week. The Nasdaq has had the weakest week, up 1.7 percent, but has outpaced both the Dow and the S&P in gains this year, surging more than 34 percent.

BLACKBERRY BLUES: There is no end in sight to troubles for the Canadian smartphone maker, which reported a massive $4.4 billion quarterly loss Friday. Revenue plunged 56 percent. The company's CEO was ousted last month after a sale to its largest shareholder was abandoned.

GOLD BLUSH: Gold is edging slightly higher with some investors asking how bad can it get, and it hasn't been this bad in 13 years. That's the last time that gold suffered an annual decline. The decision by the U.S. Federal Reserve this week to start winding down its $85 billion bond-buying program did not help. Prices fell another 3 percent this week, and they are down 30 percent for the year. Gold miners have been hammered this month and shares of major producers are down between 50 percent and 70 percent this year.

Text Only
State and Nation
Poll

What is your favorite Easter candy?

Chocolate bunnies
Marshmallow chicks
Chocolate eggs with filling
     View Results
Facebook
AP Video
Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Raw: Church Tries for Record With Chalk Jesus Raw: Faithful Celebrate Good Friday Worldwide Deadly Avalanche Sweeps Slopes of Mount Everest Police Arrest Suspect in Highway Shootings Drought Concerns May Hurt Lake Tourism Vermont Goat Meat Gives Refugees Taste of Home Calif. Investigators Re-construct Fatal Bus Cras Mayor Rob Ford Launches Re-election Campaign Appellate Court Hears Okla. Gay Marriage Case
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee