The Dow fell as the U.S. economy grew much faster than initially expected in the third quarter, a sign that the Federal Reserve’s fight to cool the economy in its fight against inflation has limited impact. GDP, the biggest measure of the economy of the US, grew between July and September at an annual rate of 3.2%. This was above last month’s estimate of 2.9%. The report said the better-than-expected results were due to increases in exports and consumer spending, which were partially offset by a decline in spending on new housing.
U.S. stocks fell on Thursday on concerns that stronger-than-expected GDP could prompt the Fed to continue raising rates more than expected in 2023. Stocks ended the day at lows. “The reality of the Federal Reserve‘s commitment is sinking in,” said David Kotok, chairman and chief investment officer of Cumberland Advisors, referring to efforts to…
