A rollercoaster week of trading on Wall Street ended in similar fashion to the way it started, which was with the bears in the driver’s seat. Some disappointing economic data stateside were the primary catalyst behind today’s selling.
As expected, the Commerce Department, earlier this morning, reported that the nation's first-quarter gross domestic product (GDP), which initially had shown a token increase of 0.2% during the first quarter of this year, actually contracted modestly. However, the falloff, at 0.7%, was less of a setback than the consensus estimate calling for a decline of 1.0%.
Oil giant Exxon Mobil’s annual publication of its long-term view for energy supply and demand draws well thought out conclusions that investors should consider when constructing their portfolios.