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KiplingerOct 29, 2020
Stock Market Today: Bulls Reclaim Ground on Cheerful GDP, Jobless Data
Whether stocks would recover Thursday was in doubt in early trading as investors struggled to embrace bright tidings from recent economic data. But the loud rebound in third-quarter GDP and better-than-expected unemployment claims eventually roused some bulls.

On the latter front, the Labor Department reported that last week's jobless filings fell from 791,000 in the week prior to 751,000, comfortably below the Bloomberg consensus estimate of 770,000.

SEE MORE Where Millionaires Live in America On the former, Q3 GDP predictably made its sharpest recovery since World War II (after all, it followed Q2, which suffered the sharpest drop since then). The 33.1% sequential expansion topped the consensus forecast for 32% growth.

However, that performance comes with quite a few asterisks and other forward-looking considerations. Some expert observations about Thursday's GDP data:

Pooja Sriram, vice president, U.S. economist, at Barclays Investment Bank: "The outsized magnitude of increases across categories was to a large extent mechanical, in part due to the low base in the second quarter and in part due to solid activity momentum in May/June, which carries a respectable weight in the Q3 GDP calculations. The imposition of stay-at-home orders caused activity to plunge in the second quarter, and their removal led to a substantial improvement thereafter." Ryan Detrick, chief market strategist for LPL Financial: "GDP rebounded stronger than expected in the third quarter, but the big question on everyone's mind is whether the economy can remain on firm ground in the fourth quarter and into 2021. Barring a new round of fiscal stimulus, it's likely that growth will taper off in the fourth quarter, but we still don't expect a double-dip recession." Ludovic Subran, chief econom

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