Third-quarter GDP rose 3.5%, surpassing the median expectation of 3.0% on Bloomberg, and pulling the average growth rate up from 1.25% in the first half of the year up to 2% over the first nine months of the year. In the details, consumption rose 1.8% in Q3 just shy of the 1.9% rise expected, but a noticeable pullback from a 2.5% spending pace in Q2.
U.S. stocks advanced, halting a five-day slide for the Standard & Poor’s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts.
U.S. stocks fluctuated, following a three-month advance in the Standard & Poor’s 500 Index, as data showed manufacturing unexpectedly climbed last month and investors assessed reports on holiday retail sales.
Citigroup Inc. advanced the most among the largest U.S. banks, reaching a six-month high after reporting a surprise third-quarter profit and a surge in bond-trading revenue that beat analysts’ estimates.
Chesapeake Energy Corp. agreed to sell oil and natural-gas assets for $6.9 billion in a series of transactions that will narrow a cash-flow shortfall threatening to crimp the company’s drilling and production goals.
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon has been adding oil fields to his personal holdings faster than he can find cash to drill them. He’s steering the company down the same road.