Stocks gain as investors shrug off weak data on GDP, durable goods orders


A round of discouraging economic data didn’t cause much of a stir in financial markets today, as stocks finished slightly higher in another low volatility, low volume session.

After a slow start, investors looked past the sharpest U.S. economic contraction since 2009 on the notion that the GDP print is "backward looking," and that the outlook for Q2 is much more positive, says Jones Trading's Yousef Abbasi.

Oil refiners were among the day's biggest decliners after the U.S. reportedly is set to relax restrictions of oil exports, as refiners' earnings could come under pressure should the exports narrow the prices between U.S. and international crude benchmarks.

Broadcasters' stocks including CBS, Comcast and Disney rose after the Supreme Court ruled that online video service Aereo violated copyright law.

Treasurys surged in reaction to the morning data before pulling back; the 10-year note added five ticks with its yield slipping 2 bps to 2.56%.

Comments (7)
  • wapiti
    , contributor
    Comments (711) | Send Message
     
    Just another LOW volume end of the month window dressing effort in the worst companies in the indexes. BS manipulation as usual.
    25 Jun 2014, 04:22 PM Reply Like
  • Value Added
    , contributor
    Comments (465) | Send Message
     
    Investors did not "overlook". Rather, central banks backstopped the market again.
    25 Jun 2014, 07:20 PM Reply Like
  • jstratt
    , contributor
    Comments (3928) | Send Message
     
    If you are in the investing business it may just be a great time for a vacation until earnings start. Why torture yourself with all the meaningless BS.

     

    All I feel I learned today is that the GDP info was traded yesterday and caused the 120 point drop in the DJI.
    25 Jun 2014, 07:24 PM Reply Like
  • ceristeare
    , contributor
    Comments (1104) | Send Message
     
    Almost sold the new home sales/consumer confidence rally yesterday. Still here.
    25 Jun 2014, 09:08 PM Reply Like
  • jahu
    , contributor
    Comments (19) | Send Message
     
    slow death to shorts......
    25 Jun 2014, 08:54 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4738) | Send Message
     
    The Sham continues, why did it get revised down twice months after the initial report?
    25 Jun 2014, 10:15 PM Reply Like
  • GoGowadof100s
    , contributor
    Comments (128) | Send Message
     
    would have been interesting to see the reaction months ago if the initial reporting was -2.9%
    26 Jun 2014, 01:21 AM Reply Like
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