Futures fell, but only a few points, on the dismal fourth-quarter advance gross domestic product report, which came in at negative 0.1 percent, versus estimate of a gain of 1 percent. But as Greg Valliere has pointed out, the strong durable goods report on Monday indicates that "the fiscal cliff didn't inhibit business spending as much as feared." A strong jobs report on Friday — over 200,000, vs. current consensus of 65,000 — should it occur, will go a long way toward reducing the impact of that GDP report.
Well, if there is any bright side to the report, it's that the Federal Reserve is unlikely to make noises about ending its stimulus program any time soon.
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