‘Danger, The Emergency Destruct Sequence Has Now Been Activated’: DOW Nears All Time High Despite US Economy Barely Growing, Wage Recession Hits 5 Years; Worse Than Jobs Drought, Stock-Market ‘Greedometer’ Flashes Red, Wal-Mart Situation “Getting Worse”, And Congress Finally Start Cutting Spending!!
February 28th, 2013
DOW Nears All Time High Despite US Economy Barely Growing
Dow nears all-time high
By the close, the Dow Jones Industrial Average DJIA -.00% was 89 points from its record high finish of 14,164.53 on Oct. 9, 2007, while the S&P 500 SPX +0.12% was less than 50 points from its loftiest close of 1,565.15, reached the same day.
Slow Going: GDP Growth Inches Up
The U.S. economy barely grew in the fourth quarter although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate that showed an economic contraction.
Congress Finally Start Cutting Spending!!!
The economy barely grew in the fourth quarter while the number of Americans filing new claims for unemployment benefits fell more than expected last week.
UBS: Today’s Positive GDP Report Was WORSE Than Last Month’s Negative GDP Report
The BEA just released its second estimate of U.S. fourth quarter GDP.
Total output expanded 0.5 percent – a marked increase over the initial estimate, which showed a 0.1 percent contraction in the U.S. economy.
However, personal consumption growth, which clocked in at 2.2 percent in the initial estimate and was expected to rise to 2.3 percent in today’s release, actually slowed to 2.1 percent.