EmailEquities got off to a strong start despite a string of negative economic data. The third estimate of second quarter GDP indicated growth of 1.3% which was well below the prior reading of 1.7%. Elsewhere, durable goods orders also showed notable weakness as new orders declined by 13.2% during August. Excluding transportation related items, durable goods orders decreased by 1.6%. Weekly initial claims were the sole bright spot as the reading of 359k was below the broadly-anticipated 379k. The major averages extended their gains after Spain announced its 2013 budget which included spending cuts and no tax hikes. The key averages continued rallying throughout the afternoon and the S&P 500 settled higher by 1.0%.
Today after the close the following companies reported earnings: ACN, AZZ, GPN, MU, NKE, RIMM
Futures are mixed after hours: S&P 500 futures are +0.08 from fair value of 1441.02 and Nasdaq100 futures are -1.78 from fair value of 2815.03.
Tomorrow morning before the open three economic reports are scheduled to be released: 1) Personal Income (Consensus 0.2%), 2) Personal Spending (Consensus 0.5%) and PCE Prices - Core (Consensus 0.1%).
Tomorrow before the open the following companies are scheduled to report earnings: AM, FINL, WAG
