2/27/2012 – the Grio and CNBC Market Update

VIDEO - The second estimate of fourth quarter GDP looks at all the goods and services produced from October through December. The first estimate showed the economy grew by 2.8 percent, the fastest pace of growth in 18 months...

TheGrio Staff

Feb 27, 2012

Last week, all eyes were watching the markets as the Dow crossed 13,000 — a key psychological milestone — for the first time since May 2008. It actually crossed a few times, but failed to close above this level.

Sales of existing homes rose 4.3 percent in January, its highest pace in nearly two years. New claims for unemployment benefits held steady at 351,000, which is a four-year low. In the week ahead, investors expect earnings reports from Lowe’s, Costco and Staples, as well as quite a few economic reports.

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The second estimate of fourth quarter GDP looks at all the goods and services produced from October through December. The first estimate showed the economy grew by 2.8 percent. This was the fastest pace of growth in 18 months.

The December Case-Shiller home price index report show that in November home prices fell 0.7 percent, marking three consecutive months of losses. Atlanta, Chicago and Detroit showed the biggest declines.

We’ll check the pulse of consumer spending and finances with the January personal income report. In December consumers saw their wages increase by 0.5 percent — the strongest increase in nine months. Spending was flat however as car sales and gas prices dipped slightly.

That’s your CNBC market look ahead for theGrio.com.