Market Updates
A late sell off knocked the stock market sharply lower before closing near its worst point of the session. The Dow and the S&P 500 finished 1.8% and 1.3% lower, respectively. The Nasdaq closed with a modest loss.
Thursday s loss concluded what was an overall pessimistic session. The tone was set early on after disappointing economic data was unveiled.
According to the latest government data, the U.S. economy expanded 1.9% in the second quarter, missing 2.3% gain economists were expecting. Though the top line of this number is a bit disappointing, its downside surprise is to a negative impact from inventories. What is more, trends in consumer spending, business investment, exports, and government spending were generally better than forecast.
Many Wall Street pundits and economists believe U.S. economic growth will not return to its full potential until housing has successfully turned around. Former Fed Chairman Greenspan stated in an interview on CNBC that home prices are no where near a bottom. He also acknowledged there
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