08/26/13
Two days before the stock market set its most recent record highs on August 2nd, the Department of Commerce provided the necessary rocket fuel when it reported a much better than expected first-reading of economic growth in the second quarter. This 1.7% preliminary estimate not only topped estimates, but was sufficiently strong enough to allow traders to overlook the dismal final reading of first quarter GDP, which was unceremoniously slashed to just 1.1% from an original guesstimate of 2.5% in April.
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Two days before the stock market set its most recent record highs on August 2nd, the Department of Commerce provided the necessary rocket fuel when it reported a much better than expected first-reading of economic growth in the second quarter. This 1.7% preliminary estimate not only topped estimates, but was sufficiently strong enough to allow traders to overlook the dismal final reading of first quarter GDP, which was unceremoniously slashed to just 1.1% from an original guesstimate of 2.5% in April.
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