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Markets Continue Their Rally on ECB Hopes, US Growth Slows (SBUX, AON)

By: , dated July 27th, 2012
The rally from the previous day continued on Friday with further hopes that the European Central Bank will get to work on the high borrowing costs of Italy and Spain by launching a new round of bond purchases. Consumer spending in the US declined as expected but not as much as investor’s originally feared.¬†GDP expanded at an annual rate of 1.5% in the period of April to June, the lowest since the third quarter of 2011. Facebook (FB) shares tumbled greatly with a net quarterly loss of about $157 million. Starbucks (SBUX) also saw a large drop in their stock and has cut its outlook for the third quarter. By the end of the day the 10-year US treasury note was down a full point.

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