AllMarket Update
logoArgusOctober 29, 2020

Market Update: BP, GD, ITW, KLAC, LAZ, MAS, ROP, V, HCA

Financial Services, Energy, Technology, Healthcare, Industrials

Stocks rose on Thursday morning, recovering some of their losses after Wednesday's sharp selloff. GDP data was strong. The Commerce Department said that the U.S. economy expanded at a 33.1% annualized rate in the third quarter, a reversal from the 2Q decline of 31.4%. The reading was also above the Bloomberg consensus forecast of 32.0%. On the employment front, the Labor Department said that initial claims for state unemployment benefits fell to 751,000 for the week ended October 24, down from 791,000 a week earlier and below the Bloomberg consensus forecast of 770,000. The Dow rose 0.4%, the S&P 1.0%, and the Nasdaq 1.5%. Crude oil fell more than 3% to $36 per barrel, while gold fell $8 to $1872 per ounce.

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