The US economy grew at a 2.9% annualized rate in the final three months of last year, according to figures released yesterday, lower than the 3.2% pace seen in the third quarter of 2022 but slightly above analyst projections of 2.8%.
Consumer spending, which accounts for about two-thirds of gross domestic product, rose 2.1% during the fourth quarter. The largest headwind was the cooling housing market, where mortgage rates—driven by rising federal interest rates—have jumped from 3.5% to over 6.1% since last January (see data).
US stock futures fall early Friday, following more downbeat quarterly earnings reports....
US stock futures fall early Friday, following more downbeat quarterly earnings reports. Meanwhile, investors are now turning to the release of data on core inflation, personal income and spending, and pending home sales — all due today. Here are the latest market moves.
Earnings on deck: Chevron, American Express, and more, all reporting.
US Natural Gas Falls Below $3 for First Time Since May 2021
US natural gas futures extended losses below $3 amid mild winter...
US natural gas futures extended losses below $3 amid mild winter weather that helped spark the worst selloff among the country’s commodities.
Gas for February delivery lost as much as 10% to $2.761 per million British thermal units Thursday on the New York Mercantile Exchange. Prices have been at the lowest levels since April 2021 after dipping below $3 on Wednesday.
Dow closes up 200 points as stocks finish near session highs; Nasdaq up 1.8%
Major U.S. stock indexes closed higher Thursday, with the S&P...
Major U.S. stock indexes closed higher Thursday, with the S&P 500 ending at 7-week highs after the official scorecard of the American economy showed a strong 2.9% annual rate of growth for the fourth quarter of 2022.The Dow Jones Industrial Average DJIA, +0.61% rose about 204 points, or 0.6%, ending near 33,948, close to the session's high. But the day's bigger gains came from the S&P 500 index SPX, +1.10% and the Nasdaq Composite Index COMP, 1.76%, which gained 1.1% and 1.8%, respectively. The S&P 500 ended at its highest close since Dec. 2, according to preliminary FactSet data. The U.S. economy reported a robust quarterly gain to end the year on Thursday, which helped advance risk-taking on Wall Street, even though many economist still expect the U.S. to face tougher odds of avoiding a recession in 2023 as the Fed plans to keep increasing rates in the next few months, and to keep them high for some time as part of its inflation fight.
