Recapping the day's news and newsmakers through the lens of CNBC.
Taper worries now seem overblown
This was a terrific year for stock market investors and anyone who worries about inflation, but it hasn't been so kind to those who need a growing economy to boost sales or create a job. So how are things shaping up for 2014? The signs point to steady growth, according to some top economists.
Personal spending and consumption, which picked up nicely in October and November, could do even better in December, and then gather steam as the labor market improves next year. Worries that Fed tapering would undermine stocks now seem to be unfounded, and the wealth effect from stock gains could help drive the economy. Not many are projecting stupendous growth next year, but a GDP gain of 2.6 to 3 percent looks quite possible.
"You're already starting to see GDP growth. You're already starting to see better data, and it's all because of the labor market. When the labor market starts to pick up we're going to start to see better consumer data."— UBS' U.S. economist Kevin Cummings
"We still have some pent up demand there among consumers for housing and automobiles. That still has to be exhausted. I think we'll do better on that front."— Moody's Capital Market's Chief Economist John Lonski