Friday, August 28, 2009
Market Reflections 8/27/2009
Second-quarter GDP was unrevised at minus 1.0 percent, a bit better than expected but still a fourth straight decline. Initial jobless claims point to no help for the August jobs report, coming in at 570,000 and showing no improvement for the last two months. Company news included a year-end date for the Boeing 787 test flight, now delayed for more than two years. Stocks initially retreated in the session but then rallied with the S&P fractionally higher at just over 1,030. Oil firmed about $1 to end at $72.50 but the gain didn't help natural gas which hit a 7-year low at $2.70 following another rise in inventories and on heavy shorting as the hurricane season has yet to threaten the U.S. Gulf.