Market Notes - April 29, 2009

First quarter GDP was worse-than-expected, dropping 6.1%. The consensus was for a 5% drop, with the difference attributed to inventory adjustments. The fixed investment, residential investment and government spending components all fell more than expected. However, the report showed the consumer was doing better-than-expected, which is also supported by yesterdays increase in consumer confidence. There are no other major economic reports scheduled today.