"The S&P 500 is flat this morning after posting a record high of 6,920. The SPDR S&P 500 ETF ( SPY) is up fractionally. The Dow is down about 10 points, as the Nasdaq gains about six points. The economy grew 4.3% in the third quarter, according to the initial reading. Consumer spending grew 3.5% after growing 2.5% in the second quarter."
"Holiday retail spending jumped 4.2% thanks to e-commerce and electronics, according to a Visa report. In addition, Americans racked up an average of $1,223 of debt, which could be a positive for buy now, pay later stocks, such as Affirm Holdings ( NASDAQ: AFRM). In fact, from a market valuation of about $156.58 billion in 2023, the BNPL market is expected to rally to more than $1 trillion by 2028."
Markets were largely unchanged during the holidays, with the S&P 500 flat after a record high of 6,920, the SPDR S&P 500 ETF up fractionally, the Dow down about 10 points, and the Nasdaq up roughly six points. GDP grew 4.3% in the third quarter, with consumer spending rising 3.5% after 2.5% in the second quarter. Holiday retail spending increased 4.2% driven by e-commerce and electronics. Americans added an average $1,223 of debt and credit card balances topped $1.2 trillion, rising 7.3% year over year. BNPL adoption reached 21.2% among consumers with credit records and the BNPL market is projected to exceed $1 trillion by 2028.
Read at 24/7 Wall St.
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