Another Day, Another Triple Digit Swing in the Dow Jones (C, BAC)
The Dow Jones is up 169 points heading into the 2 PM EST hour with Citigroup (NYSE:C) and Bank of America (NYSE:BAC) leading the charge thanks to positive GDP news.
Bank of America (BAC) shares are up 4.7% and Citi (C) is jumping 5.6% on the positive bullish day. As usual, BofA and Cit are the volume leaders as major equities make up for the losses of the past few negative trading sessions.
|BAC||BK OF AMERICA CP||15.61
The Commerce Department says GDP grew at an annual rate of 3.5% last quarter, the first positive quarterly growth in a year, and the largest quarterly advance since the third quarter of 2007. GDP contracted by 0.7% in the second quarter.
Third quarter growth was led by double digit gains in durable goods and residential real estate, categories propped up by government stimulus programs such as the first-time home buyer credit and the Cash for Clunkers program.
President Obama's comments regarding the GDP numbers: