Stocks Climb on Positive GDP Figure News

[jayfish]

http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20040827/ap_on_bi_st_ma_re/wall_street


NEW YORK - A sluggish gross domestic product reading was nonetheless better than expected, prompting investors to send stocks slightly higher Friday on hopes that the economic slowdown would not be as bad as first thought.

The 2.8 percent GDP (news - web sites) growth in the second quarter, a revision from the 3 percent preliminary figure reported in July, is a far cry from the 4.5 percent growth in the first quarter. However, the figure was slightly better than the 2.7 percent expansion economists had forecast.


:wtf: So they revise the number down and that's a positive GDP figure? Go figure :shrug:

Jay

[Zynx]

1. 2.8% is anemic.

If we had 2.8% growth every year, unemployment would rise over time.

[leesa]

7. In case you hadn't noticed....

[alcuno]

2. Are we heading into another Bush recession?

Say it again and again.

[BootinUp]

3. That trend line looks pretty steep

Any guesses for the next qtr?

[markses]

4. Are they fucking kidding?

The GDP figures are atrocious, and - one can only hope - help speed the day when the absolute dishonesty (or incompetence) of the notion that tax cuts for the rich stimulate the economy is exposed as utter bunk and counterproductive greed to boot.

The headline is laughable.

[Wickerman]

5. With geniuses like this I seriously worry for my 401k

[MercutioATC]

8. I pulled my 401k out of stocks until after the election.

It's in nice, safe government securities. It's earning less, but one "BOOM!" and I'm thinking I'll be glad I did it.

After the election (with a Kerry win) I'll get back into stocks.

[leesa]

6. What is positive about it? Will they be able to continue to artificially

inflate the stocks until after the election?

[daleo]

9. Talk about reverso world

Amazing that this could be spun as a positive development. Just goes to show what you can do if you control the media. Still, I think stocks will tank today. Investors will only take this silliness seriously for a short while.

[malachi]

10. Climb? Stocks up 13.72 as of 12:45 edt. Climb?

Always something positive about the econ to help save the chimp's ass.