blizzard snow new york
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GDP grew more than expected in Q3.  However, everyone's attention is on "Frankenstorm."
First the scoreboard:
Dow: 13,107, +3.5, +0.0 percent

S&P 500: 1,414, +1.0, -0.0 percent

NASDAQ: 2,987, +1.8, +0.0 percent
And now the top stories:
  • Markets were getting pummeled overnight, but they bounced back aggressively after the GDP report.

  • The Bureau of Economic Analysis published said its advanced reading Q3 GDP was much better than expected.  The economy grew at a 2.0% rate, which compares to economists' expectation for 1.8%.  Personal consumption climbed 2.0%, which was just shy of the 2.1% expected.  The key driver of growth was government spending, which saw a huge boost in national defense spending.  

  • The University of Michigan Consumer Confidence was a disappointment, falling to 82.6 from a preliminary reading of 83.1.  Economists were looking for 83.0.

  • Two tech behemoths delivered disappointing quarterly earnings.  Amazon.com reported a $0.60 per share net loss, which shocked everyone.  Analysts were looking for an $0.08 loss.  However, the bulk of that loss was related to a writedown taken on the company's investment in coupon giant LivingSocial.  Surprisingly, shares rallied today.  

  • Apple's earnings announcement was mixed.  Revenue came right in line at $36 billion.  But earnings per share was weak at $8.67.  iPad sales were a bit light.  But iPhone sales blew past expectations with 26.9 million units being sold.

  • The eastern U.S. is bracing for Hurricane Sandy aka "Frankenstorm."  Meteorologists forecast Hurricane Sandy will come up from the Bahamas and collide with a second storm coming from the midwest to form what could be the worst storm the Northeast has seen in a century.  New York City Mayor Bloomberg is warning people to prepare to evacuate on Tuesday.