The Dow closed off 23 points to 17,755 on light volume. It was a quiet day with a smattering of earnings reports some good and some not so good.
In economic news, the first take on Q3 GDP growth came in at a 1.5% growth rate which is below estimates calling for a gain of 1.6%. Q2 numbers were 3.9% so this quarter shows a slowing economy although the news was expected. Weekly jobless claims also edged higher to 260,000 and pending home sales fell 2.3% which is being attributed to higher average sales prices and not so much from any negative economic pressure.
Yesterday, oil prices had their largest jump in over two months and today added to that number. Oil stockpiles continue to build albeit at a slower pace while gasoline and diesel stocks are falling more than expected. Traders seem to think that prices will be weak for the rest of the year while 2016 could see prices move higher thanks to production cuts and a possible drawdown in stockpiles. This could be offset by global factors such as Iran upping production if sanctions get lifted. WTI crude today finished over $46 a barrel up about a quarter point.
Boeing and Airbus continue to pull in orders. Airbus sold 100 of its A320s and 30 A330’s to China while Boeing announced orders valued at $3.5 billion for 787 Dreamliner’s to El Al Israel Airlines and Qantas.