Stocks opened higher but ended mixed on Friday after the government said GDP rose 1%, beating estimates for a 0.4% gain. It was a volatile week on Wall Street but after all was said and done, stocks rallied nicely and are now trading near stubborn resistance (declining 50 DMA lines). The G-20 meeting of central bank governors and finance ministers kicked off in Shanghai, and China’s central bank governor Zhou Xiaochuan made it clear that they want to restore confidence and repeated earlier reassurances the country would not stage another devaluation of its currency to support the economy.
Gary’s Thoughts: Notice it continues to be governments trying to restore confidence in markets when they should stay out of the way of markets. Booms and busts occur because of the non-stop interference of these people who know nothing. Big report this weekend!