Futures head even higher following smaller-than-expected drop in GDP, record profits from oil giant Exxon.
S&P futures vs fair value: +29.70. Nasdaq futures vs fair value:
+26.00. Exxon Mobil (XOM) posted strong profits, which were helped by
special gains. Waste Management (WMI) issued upside earnings per share
results of its own. CBS (CBS) also topped expectations.
Economy: A preliminary reading on third-quarter gross domestic product
revealed the U.S. economy shrank 0.3% on an annual basis, compared with
a 2.8% increase in the previous quarter. Economists were anticipating a
decline of 0.5%
World markets: Overseas markets rallied. Asian shares surged, with
South Korea's KOSPI index gaining a record 12%. European markets were
higher in midday trading.
Oil prices edged up $1.51 a barrel to $69.01 in electronic trading