This is big news. Third-quarter GDP growth was revised downward to just 2.2%. To go from 3.5% growth in the initial report to 2.8% to 2.2% makes everybody lose confidence in any number. The only silver lining is that as inventories build, it should help in the upcoming quarters.
The good news today is that November existing home sales jumped 7.4%. This was the best performance since January 2007. The stock market is closing in on another bull market high.