First, the scoreboard:
- Dow: 14,910.2, +149.9, +1.0 %
- S&P 500: 1,603.2, +15.2, +0.9%
- NASDAQ: 3,376.2, +28.3, +0.8%
And now, the top stories:
- The Bureau of Economic Analysis published its third reading of Q1 U.S. GDP, and it was ugly. Growth was revised down to 1.8% from a previous reading of 2.4%. "With the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less than previously estimated, and exports and imports are now estimated to have declined," noted the BEA. Indeed, personal consumption growth was revised down to 2.6% from an earlier reading of 3.4%.
- "The lower consumption estimate provides some indication that the impact from fiscal austerity may have been more than previously thought, and that the economy started the year on weaker footing than previous estimated," noted TD Securities Millan Mulraine. "And with the pace of fiscal austerity accelerating in Q2, some of this weakness should persist in Q2, when we expect the economic recovery to slow even further to around 1.5% q/q."
- However, the markets barely budged on the release. If anything, stocks only moved higher.
- Gold, on the other hand, got demolished again overnight, falling as low as $1,222 per ounce. The 8 Worst Gold Price Predictions We've Ever Heard »
- In other major developments, the Supreme Court struck down the Defense of Marriage Act (DOMA), which means the federal government will recognize same-sex marriages.
- Don't Miss: Wall Street's Brightest Minds Reveal THE MOST IMPORTANT CHARTS IN THE WORLD »
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