Stock market turns and plunges after shorts-cover rally above 380 in the past 2 days, with almost all stock sectors sold off after Q3 GDP data unexpectedly revised from +2.9% growth to +3.3%. This leads to enormous concerns about the FED's interest rate path as economic growth remains too hot.
Most of the change in the GDP report comes from the reassessment of personal consumption, up from +1.7% in the previous report to +2.3% in this morning's report. Additionally, business and government consumption growth also contributed to lifting the Q3 GDP figure after 3 evaluations:
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