July 28, 2017
Second-quarter GDP hit expectations at a healthy 2.6 percent with consumer spending at 2.8 percent and strength in business investment offsetting a weak showing for housing. Though inflation is low, posting only a 1.0 percent pace in the quarter, trends are pointing to the 2 percent full-year GDP target that the FOMC expects to see.
The Dow ended Friday with a fractional gain and a solid 1.2 percent increase on the week. Oil ended near $50 for a nearly 10 percent gain on the week as the Saudis talked up output cuts. The dollar index continued its slide, down 0.7 percent on the week to 93.28 for a year-to-date decline of 8.8 percent.