MARKETS JUMP AFTER BIG GDP REPORT

SAM RO

 JUL. 30, 2014, 8:45 PM

REUTERS/Jeff Zelevansky

U.S. futures are moving following today’s strong GDP report.

S&P 500 futures are up 10 points. Just prior to the release, they were up 3 points.

GDP grew at a 4.0% pace in Q2, reported the BEA. This was much stronger than the 3.0% expected by economists.

Dow futures are up 75 points and Nasdaq futures are up 21 points.

With the GDP report, we learedn that personal consumption jumped 2.5%, beating expectations for a 1.9% gain.

Making things even better, Q1 GDP growth was revised up to -2.1% from -2.9%, and personal consumption was revised up to+1.2% from +1.0%.

“There were large upward revisions to H2 2013: Q4 GDP is now 4.5% vs 4.1% previously and Q4 is now 3.5% vs. 2.6% previously,” noted Deutsche Bank’s Joe LaVorgna.