August 30, 2017
Three percent GDP leads the day's economic news, in a second-quarter revision that includes a strong 3.3 percent rate for consumer spending. Yet the result follows the first quarter's soft 1.2 percent pace though expectations for the third and fourth quarters are roughly in the 3 percent range. President Trump cited the second quarter's strength and also urged lawmakers to improve the tax code but offered no specifics.
Stocks firmed on the session especially the Nasdaq which jumped 1.1 percent to 6,368 while the Dow could only post a marginal 0.1 percent gain to 21,892. Rates were little changed but not the dollar index which, reflecting a break lower in the euro to under $1.9000, rose 0.6 percent to 92.90. Another very large draw in weekly oil inventories could not give oil a lift which fell 50 cents to just under $46. Gold edged lower to just above $1,310.