Today's the Day

U.S. GDP numbers came out this morning and showed that growth picked up to 3.5% annually from 2% annually in the previous quarter. That helped picked the futures up off their lows. Oil prices jumped yesterday as the Saudi’s caught everyone off guard by saying they that they would further reduce production after saying the day before that they were fine with prices and production levels.

Time Warner, Flextronics, and Alcan all met or exceeded forecasts while Allstate posted weaker earnings. But the major news today is the Fed’s decision on interest rates. It looks like nothing much will happen until the rate is released at 2:15pm. As I said yesterday, the Fed is widely expected to leave rates unchanged and the market will be focusing on the accompanying statement for any clues as to where the fed thinks rates will be going in the future.

Here’s hoping for Good News.