The Closing Look
Stock Market Commentary:
Stocks ended higher on Tuesday after the government said Q3 GDP rose by 2%, topping estimates for 1.9%. In other economic news, the National Association of Realtors said existing home sales plunged -10.5% in November to an annualized rate of 4.760 million. This greatly missed the Street’s estimate for 5.32 million. Elsewhere, energy and material stocks bounced sharply from deeply oversold levels. Overall, the action on Wall Street remains less than thrilling.
Gary’s Thoughts: Quite surprising that in this mark-up season, the worst areas, the weakest areas led the day. Cannot take too much out of it as volume remains weaker than weak and still, no leadership whatsoever.