The most closely watched news last week was the Fed statement on Wednesday. The Fed, as expected, announced that it would be ending its purchases of treasury and Mortgage-Backed Securities later this month. The S&P 500 continued to climb as we ended the week with a 2.72% increase.
Last week in the economy:
- The S&P 500 started the week at 1,951 and rose 2.72%, finishing the week at 2018.
- Personal income increased 0.2% in September. Personal income is up 4.1% in the past year
- The Fed announced that it's treasury and mortgage-backed security (MBS) purchases will conclude at the end of this month
- The first estimate for Q3 GDP growth was 3.5%, beating the 3.0% estimate. Real GDP is up 2.3% from a year ago.
- New orders for durable goods declined 1.3% in September. Orders are up 3.3% from a year ago.
What's coming up on the economic calendar for the week of November 3, 2014:
- ISM Manufacturing will be released on Monday
- Jobless claims will be released on Thursday
- The monthly employment report will be released on Friday
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Our trusted source for all economic news is First Turst Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.