Posted by Eddy Elfenbein on December 26th, 2014 at 7:08 am
“The best stock to buy may be the one you already own.” – Peter Lynch
I hope everyone had a wonderful holiday. Despite this past week being a holiday-shortened week, there was still some important economic news. On Tuesday, the government revised higher the Q3 GDP report to 5%. That means that the third quarter was the strongest quarter for economic growth in eleven years. The Dow celebrated by breaking through 18,000 for the first time in history.
There might be more good economic news for Q4. This week, we learned that personal income and spending remained strong through November. Also, the latest consumer confidence report came in at its highest level in nearly eight years. Lower gasoline prices are clearly making people feel more optimistic. One sour note was a poor durable goods report. This may mean that consumers are leading the economy while business spending takes a breather. I’ll have more on this in a bit.
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