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First the scoreboard:
Dow: 13,311, +59.7, +0.4 percent
S&P 500: 1,443, +7.8, +0.5 percent
NASDAQ: 3,050, +6.0, +0.2 percent
And now the top stories:
- Q3 GDP growth was revised way up to 3.1 percent, which was much higher than the 2.8 percent economists were looking for. Personal consumption was up 1.6 percent, versus the expectation for 1.4 percent.
- Weekly initial jobless claims came in line with expectations, climbing to 361k. This was a tad higher than the 360k expected.
- The closely followed Philly Fed Business Outlook Survey crushed expectations, surging to 8.1 from last month's reading of -10.7. Economists were only expecting a reading of -3.0. This is a welcome development following a slew of disappointing regional manufacturing surveys in recent weeks. The idea that fiscal cliff uncertainty is stopping business activity appears to be reversing.
- Existing home sales jumped 5.9 percent to 5.04 million in November. This to was higher than the expectations, which were at 4.90 million. "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," said NAR chief economist Lawrence Yun. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes."
- Gold prices got slammed again today, falling below $1,650 per ounce. Commodities guru Jim Rogers thinks prices could fall even further from here. With U.S. economic data coming out bullish, there's growing speculation that the Federal Reserve will be able to tighten monetary policy sooner than later. Currently, the Fed expects to keep monetary policy easy through 2015.
- Meanwhile, shares of Herbalife got pummeled again today as hedge fund giant Bill Ackman presented a devastating 342-slide presentation slamming the company. "This is a pyramid scheme," said Ackman.
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