traded flatagainst a basket of currencies
, as the euro slipped despite news in a Portuguese business daily that China was ready to buy 4 to 5 billion euros ($5.3 to $6.6 billion) of Portuguese sovereign debt, according to the Jornal de Negocios.
On the economic front, third-quarter gross domestic product was revised to an annualized rate of 2.6 percent from a previously estimated 2.5 percent, according to the Commerce Department, which was less than expected by many market observers.
Although still positive, a 2.6 percent growth rate isn't enough to reduce the unemployment rate, said Keith Springer, president of Springer Financial Advisors in Sacramento.
Moreover, the report also showed personal consumption didn't gain as much as expected, Springer said. Personal consumption rose a revised 2.4 percent in the third quarter and only 0.5 percent when volatile food and energy prices were not included, an indication that inflation is "virtually nonexistent," he said.
"The entire recovery hinges on personal consumption, essentially consumer spending," said Springer. The figures didn't send stocks lower because continued weakness means the Federal Reserve will continue to stimulate the economy. The result is essentially a "Goldilocks" environment for the stock market.Page 2 of 7 | Prev Page | Next Page