09/02/2023
Weekly Economic Update | Week Ending September 2, 2023
Stock markets posted their best week since June â Stock markets ended the week with solid gains as economic data pointed to a potential slowdown in the economy. Investors are in the âbad news is good newsâ mode. After weeks of solid economic data that sent bond yields and mortgage rates to 20-year high levels, this weekâs data pointed to some slowing. The second quarter GDP (Gross Domestic Product), the broadest indicator of economic growth, was revised downward from its initial reading of 2.4% annual growth to 2.1% annual growth. While the number of new jobs created in August was slightly above expectations, the unemployment rate increased, and consumer confidence dropped unexpectedly. The Dow Jones Industrial Average closed the week at 34,837.71, up 1.4% from 34,346.90 last week. It is up 5.1% year-to-date. The S&P 500 closed the week at 4,515.77, up 2.5% from 4,405.71 last week. It is up 17.6% year-to-date. The Nasdaq closed the week at 14,031.81, up 3.3% from 13,590.65 last week. It is up 34.1% year-to-date.To read the full weekly economic update, visit the Rodeo Realty blog!https://brnw.ch/21wCecb
Stock markets posted their best week since June â Stock markets ended the week with solid gains as economic data pointed to a potential slowdown in the economy. Investors are in the âbad news is good newsâ mode. After weeks of solid economic data that sent bond yields and mortgage rates to 20-...