Markets ended the holiday week on an upbeat note, giving stocks their best week since late November. For the week, the S&P 500 gained 2.76%, the Dow grew 2.47%, and the NASDAQ rose 2.55%.
On the economic front, final data on third-quarter economic growth showed that Gross Domestic Product (GDP) grew 2.0%, down from the previous estimate of 2.1%. The report showed that a slew of global issues cut into demand for U.S. goods abroad; on the positive side, what growth we had was driven by domestic demand.
As the holiday shopping season fades, data shows that retailers are struggling to meet even modest sales goals. The last Saturday before Christmas can often make or break the season with last-minute shoppers flooding stores. However, this year’s sales were tepid, and forecasts predict holiday sales to grow 3.1% over last year, down from 4.1% growth in 2014.