How bad the economy do in the fourth quarter? We'll find out this morning at 8:30 AM EST. The quarterly GDP numbers are expected to show a yearly decline around 5.5%, I'm taking the high end of that at 6%. If it's significantly higher, it could be a really horrible day on Wall Street. Likewise, if the number comes in less than 5%, it could be a banner day.
I'll update the numbers as they come in.
[UPDATE] The rosiest prediction was 4%, but GDP only fell 3.8%. That's significantly better than Wall Street expected. Dow futures rocketed upwards, but quickly fell back flat as the significance of a 3.8% drop kicked in. It was bad last quarter.
It'll get worse this one. Next week's unemployment figures will most likely be brutal.
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