GDP Beats Expectations, Market Pops

GRoss Domestic Product (GDP) was released at 8:30 ET, showing an increase of 3.9 percent, beating expectations of 3.3 percent increase. It also was better than last quarter's reading of 3.5 percent, This marks the best two quarters of GDP growth since 2003, Consumer spending, which comprises nearly two-thirds of GDP, was strong, as was business investment. The strong report may increase the likelihood the Fed will raise interest rates sooner than later to temper potential inflationary aspects. Growth in corporate profits did temper somewhat, slowing to 3.2 percent growth versus the 8.6 percent growth in Q2. On the back of the strong GDP report, S&P 500 futures did move up slightly, now showing a gain of 3.50 to 2071.00 on the December futures.