GDP Growth Rally Stocks In Wall Street (BA, CVX, CAT, JPM, MMM, TRV, WMT, PG, XOM, BP, RDS.A)
October 29, 2009 3:06 PM
Investors Sold off shares on Wednesday with expectation of poor GDP numbers. They pleasantly surprised to find that the GDP grew at an annualized rate of 3.5%, better than the 3.2% that analysts expected. These numbers show that recovery is on track and will continue to heal.
As a result of the positive news, the Dow gained 1.56 points while S&P 500 index gained 19 points Nasdaq Composite Index rose 32 points. The gains were spread out among Dow Stocks with majority of the stocks in the index climbing led by Boeing (NYSE: BA), Chevron (NYSE: CVX), Caterpillar (NYSE: CAT), JP Morgan Chase (NYSE: JPM), 3M (NYSE: MMM), Travelers (NYSE: TRV), Wal-Mart Stores (NYSE: WMT) and Proctor and Gamble (NYSE: PG).
Chevron rose in anticipation of their earnings call tomorrow morning. Other oil companies’ like Exxon Mobil (NYSE: XOM) , BP (NYSE: BP) and Royal Dutch Shell (NYSE: RDS.A) profits declined amidst weakening oil demand but still managed to beat analyst expectations. Proctor & Gamble also reported declining profits that beat expectations.
