Thursday, December 22 Market Recap

THURSDAY (DJIA +62) Q3 GDP was revised downward from 2.0% to 1.8%. Initial jobless claims were 364K; that is 2 weeks in a row that we have had a much better than expected number. Congress finally reached an agreement to extend the payroll tax cut for a whole 2 months. Investors seem immune to the dysfunction. Leading indicators rose for the 7th straight month and consumer confidence continues to rise.