Evening Market Wrap

Evening Market Wrap Thursday, October 27, 2011, 17:01 Contents Commentary Economic News General News Political News Commentary European Debt Crisis Agreement Leads To Rally On Wall Street - U.S. Commentary With traders reacting to news of a potential resolution of the European debt crisis, stocks moved sharply higher over the course of the trading day on Thursday. Relatively upbeat U.S. economic data also contributed to the broad based buying interest. (Oct 27, 2011) Full Article Economic News U.S. Economy Expands In Line With Estimates In Third Quarter With U.S. consumer spending increasing at a much faster rate in the third quarter, the Commerce Department released a report on Thursday showing that the pace of gross domestic product growth during the quarter accelerated in line with economist estimates. The report showed that GDP increased at an annual rate of 2.5 percent in the third quarter compared to the 1.3 percent increase seen in the second quarter. The increase in GDP marks the fastest growth since the third quarter of 2010. (Oct 27, 2011) Full Article U.S. Weekly Jobless Claims Edge Down But Remain Above 400,000 New unemployment claims in the United States ticked down slightly in the week ended October 22nd, according to figures released Thursday by the Labor Department. On a seasonally adjusted basis, initial claims for unemployment insurance came in at 402,000 for the week, a slight decrease from the previous week's revised level of 404,000. Economists had been expecting jobless claims to edge down to 402,000 from the 403,000 originally reported for the previous week. (Oct 27, 2011) Full Article U.S Pending Home Sales Unexpectedly Fall For Third Straight Month Pending home sales in the U.S. unexpectedly showed a notable decrease in the month of September, according to a report released by the National Association of Realtors on Thursday, with weak consumer confidence and continuing tight lending criteria holding back home buyers. NAR said its pending home sales index fell 4.6 percent to a reading of 84.5 in September after slipping 1.2 percent to a reading of 88.6 in August. The decrease came as a surprise to economists. (Oct 27, 2011) Full Article General News Medicare Premiums To Rise Much Less Than Projected In 2012 Medicare premiums are due to increase by much less than previously projected in 2012, the U.S. Department of Health and Human Services revealed on Thursday, with the increase offsetting only a small amount of the increase in Social Security benefits announced earlier this month. (Oct 27, 2011) Full Article Political News House Votes To Repeal Tax Withholding Law While Republicans and Democrats in Congress have had difficulty finding anything to agree on in recent months, the U.S. House of Representatives overwhelming voted Thursday to repeal a law that would require federal, state and local governments to withhold 3 percent of payments to government contractors until they pay their taxes. The House voted 405 to 16 to repeal the five-year-old law, which was intended to boost tax compliance among companies doing business for the government. (Oct 27, 2011) Full Article White House Touts GDP Report But Says Faster Growth Is Clearly Needed While the White House highlighted the fact that the U.S. economy saw the ninth straight quarter of positive growth in the third quarter, Katharine Abraham, a member of the President's Council of Economic Advisers, noted that faster growth is clearly needed. (Oct 27, 2011) Full Article Home | Top Stories | Breaking News | Economic News | Forex | Politics | Featured Interviews Sent to autoforextradingpro@gmail.com | Customize your alerts | Unsubscribe Copyright © 2011 RTTNews. All rights reserved. By using this service, you agree to the Terms of Service