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Stocks could head into Friday on a positive note, rising on 'October-end' momentum. Existing homes figures for September will be in the spotlight.
The economy faces a slow creep higher while stocks will see a "tug of war" over probable recovery scenarios for 2010, Pimco CEO Mohamed El-Erian told CNBC.
Economists forecast the GDP number to show growth anywhere from just under 3 percent to as high as 4 percent - the first positive growth for the U.S. economy since second quarter, 2008.
As the economy teeters on the verge of recovery, Goldman Sachs on Wednesday lowered its GDP forecast to 2.7 percent from 3.0 percent.
On a surface level it may seem like the United States' debt position, the biggest in the world, is also the worst. But when the numbers are looked at on a more relative basis, the total amount of debt owed by the US, although still quite high, seems more reasonable than that of other nations... at least for now.
The floor under stocks feels a bit shaky, and the market could give way to more profit taking this week.
The stock market has become overheated and could be in for a strong correction, economist David Rosenberg told CNBC.
"I'd say it's buyers' fatigue that's set in," says one pro. "The stock market seemed to be going up on bad news for a certain period, and now we have what's perceived as good news...but it seems the market's got it fully priced in."
Global stocks are near 12-month highs and US companies are beating earnings expectations as volatility sinks. But some pros think the rally may not last.
U.S. Federal Reserve Chairman Ben Bernanke Friday laid out his most detailed description yet of the central bank's post-crisis approach to regulation and said requiring big banks to hold more capital was under consideration.
The growing deficit and broken tax policies are killing job creation and causing long term damage to the middle class of the US, Steve Wynn, chairman and CEO of Wynn Resorts, told CNBC Friday.
Ahead of Friday's opening bell, investors will be watching earnings from Microsoft and Fed Chairman Ben Bernanke's address at the Boston Fed's annual conference.
Art Cashin, director of floor operations at UBS, has seen a lot in his nearly 50 years in the markets. Recently, he sat down with CNBC's Bob Pisani to offer his take on the last year's events and, fortunately, provide a little perspective.
The weakening dollar has been one of the catalysts driving stocks and other risk assets higher, and it is a main focus of traders this week as they sort through a deluge of corporate earnings news and watch the dollar shrink to a 14-month low.
Fewer states reported unemployment-rate increases in September than the previous four months, signaling a turning point may be near, according to a government report Wednesday.
Unemployment rates rose last month in 23 states and fell in 19 as the economy struggled to create jobs in the early stages of recovery.
Stocks could trade a bit choppy Wednesday, as investors react to a tidal wave of earnings news and watch fluctuations in the dollar and other risk assets.
There are signs the nation's factories are stirring from one of the worst recessions in decades. If nothing else, hints of a rebound at big industrial firms will boost the stock market and lift people's 401ks.
About half the Dow 30 and a quarter of the S&P 500 report next week, and analysts expect the majority of those companies—from a broad range of industries—to continue beating expectations.
Earnings reports from General Electric and Bank of America are the big numbers for markets Friday, and they matter nearly as much in the foreign exchange and Treasury markets as they do in the stock market.