Activity expanded at a rate of 3. 2 . Although the number wasnt as strong as many expected or as had hoped, Consumer Spending which makes up the majority of the Economic Activity was strong. But even though the report was slightly below expectations Steve Liesman tells us why it may be enough to seal the deal for a possible rate hike in september. Reporter the government saying today there was more growth than it first reported in the First Quarter and less growth than the market expected in the second leading to a bit stronger growth in the first half overall. First quarter gdp revised up to 0. 6 was originally reported to be negative. The Second Quarter came in at 2. 3 for a decent but unspectacular bounceback. And there was more inflation than initially forecasted something that the Federal Reserve has been seeking. Many say the data is sufficient to seal the deal for september rate hike from the fed. I think they want to go but if they do go they are going to explain to the market
Activity expanded at a rate of 3. 2 . Although the number wasnt as strong as many expected or as had hoped, Consumer Spending which makes up the majority of the Economic Activity was strong. But even though the report was slightly below expectations Steve Liesman tells us why it may be enough to seal the deal for a possible rate hike in september. Reporter the government saying today there was more growth than it first reported in the First Quarter and less growth than the market expected in the second leading to a bit stronger growth in the first half overall. First quarter gdp revised up to 0. 6 was originally reported to be negative. The Second Quarter came in at 2. 3 for a decent but unspectacular bounceback. And there was more inflation than initially forecasted something that the Federal Reserve has been seeking. Many say the data is sufficient to seal the deal for september rate hike from the fed. I think they want to go but if they do go they are going to explain to the market
High. Yes, down 20 otherwise. Now when oil goes lower, airlines tend to go higher in terms of the stocks as those stocks rallies today. Can you see that each of them most of them up over 2 . We have the number one analyst Airline Analyst on the street with us to day. Jamie baker. Hell give us his top airline picks. And president obama just announcing new Clean Power Plan which could have a major impact on the coal industry and basically industry at large. Weve got the ceo of American Electric power live. And the cit group is completing the purchase of one best banks parent company, cit ceo john than will be joining us to discuss that deal and the impact it could have on the lending environment. That will be a cnbc exclusive in a few minutes. In the meantime lets talk about todays Market Action joining our closing bell exchange, we have chase chief economist anthony chance us with. We have president of onpar executions and our own Rick Santelli joining us as well. Peter, the impact that
Strict new rules to limit Carbon Pollution from power plants. This plan seeks to reduce Carbon Dioxide emissions by 32 from 2005 levels in 15 years. Thats 9 more ambitious than the rule proposed last year that was subject to a Supreme Court ruling last month. Environmentalists say it would be roughly the emissions equivalent of taking 150 million cars off the road. The epa says itll eventually save the nation 45 billion per year. Opponents say the total opposite. Thats what opponents do. They say that the development of alternative Energy Sources like wind and solar will raise electric rates across the nation, and they say the regulations unfairly target the coal power sector which is the nations largest source of electricity right now. Weve got it all covered. Were less than an hour to the closing bell, lets start the countdown. Liz well, that didnt take long. Breaking news, even before the president revealed new epa rules, six governors and a bunch of Utility Companies already pounci
Last week. Then on monday that nearly 600 decline. Another 200 point loss tuesday before yesterdays big surge the dow is still down though. More than 1 this week. But the nasdaq has narrowly erased this weeks losses off by. 2 . I was on the floor of the New York Stock Exchange all week and its not just the crazy moves where we settle, its the intraday volatility. Everybody was bracing for a repeat of tuesday. They had this giant rally and it started to lose steam and everybody thought here we go again and then it charged back. A bounce . A technical bounce . The first day, looks like wow, this is great. This is great. Its slowly declined down 200 and the next day it looked like thats going to happen again. You know at the end its going to melt up this time tnchts question is what comes next. Looks like were extending those gains. Is that the bottom . Is there a place called youre going to ask me if its the bottom. We dont talk about the bottom . 50 chance of a bottom. It doesnt matter