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Succinct Summations of Week’s Events 10.31.14
Succinct Summations week ending October 31st. Positives: 1. Q3 GDP rose 3.5% vs expectations of 3.1%. 2. The Fed officially ended QE, the market stood on its own two feet. 3. Consumer confidence came in at 94.5, the highest levels since October 2007. 4. Chicago PMI came rose to a 12-month high of 66.2. 5. Richmond Fed manufacturing index came in at 20 v expectations of 11. 6. University of Michigan consumer confidence rose to 86.9, the best reading since 2007. 7. Japan industrial production rose 2.7% m/o/m, better than the 2.2% expected. 8. The S&P 500 finished October 2% higher after being down as much as 7.7% ... (full story)