May 29, 2008 at 11:00 am by Tom Lydon
The revised first quarter GDP numbers are out, and the markets and certain exchange traded funds (ETFs) mostly seem to be reacting positively.
The initial GDP numbers were up 0.6%, but the revised number is 0.9%, reports Tim Paradis for the Associated Press. The Labor Department also reported that jobless claims were higher, but it was a smaller than expected uptick.
Movement in the market is impacting a range of ETFs, from currencies and precious metals to oil.
The dollar strengthened, sending some currency ETFs such as the CurrencyShares Euro Trust (FXE) slightly lower in early trading.
Gold is trading lower, and funds such as SPDR Gold Shares (GLD) and PowerShares DB Gold (DGL) are following suit.
Oil prices fell back, at one point dipping below $129. Gas prices rose to a new record for the 22nd consecutive day, putting the national average at $3.952. United States Oil (USO) is down in early trading, while United States Gasoline (UGA) is holding steady. Oil and gas company ETFs such as the iShares Dow Jones US Oil & Gas Exploration Index (IEO) are also down early today.
Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.
