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U.S. stocks decline today due to weak consumer spending data

November 7, 2013 , ,

Markets Tumble on Soft Consumer Spending While Twitter Soars

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Today – Thursday November 7th 2013

  • U.S. stocks declined today due to weak consumer spending, Consumer spending expanded 1.5 percent, the slowest pace since the second quarter of 2011. It grew 1.8 percent in the April-June period. The reason consumer spending makes such a strong impact on the economy is because consumer spending makes up 70% of U.S. economy, so when it’s declining it shows the health of the economy is in dire situation.
  • U.S. economy expanded 2.8% which exceeded investors expectation, and passed last quarters expansion when it increased by 2.5%. This positive economic news has investors on the edge because it shows the U.S. economy is expanding and possibly might not need the $85 Billion stimulus. Which is revealing that investors aren’t confident that the economy will be able to stand on its own feet.
  • Congrats to Twitter trading in the NYSE! Its initial public offering was priced $26 a share. The stock opened at $45.10 a share, and closed the day up 73% to $44.90. Twitter listed on the NYSE under symbol ‘TWTR.’
  • Jobless claims decreased by 9,000 to 336,000 in the week ended Nov. 2 from 345,000 the prior period, the Labor Department reported today.
  • Tomorrow the monthly employment report will be released.
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