The stock market inched higher on Wednesday for a four-day winning streak, as investors absorbed latest economic data. Revised GDP showed that the U.S. economy grew slower at 2.1% in the second quarter, compared to the previous estimate of 2.4%.
Overall, S&P 500 was up 0.4% to 4,515, while NASDAQ rose 0.5% to 14,019.
Tweet of the Day
Current unrealized losses in the US banking system is -$1.8 trillion out of only $2.2 trillion capital
With corporate taxes due Sep 15 & possible gov shutdown Oct 2, the general public has no idea the banks are already insolvent entering a nightmare liquidity scenario in October https://t.co/aS0GoAomoI pic.twitter.com/rNttNxd7jB
— Financelot (@FinanceLancelot) August 29, 2023
Chart of the Day
Here is the one-year chart of Booking Holdings (BKNG) as of August 23, 2023, when the stock was at $3,099.
Booking is the world leader in online travel and related services. The company’s service offerings include: Booking.com, RentalCars.com, Priceline.com, Agoda, KAYAK, OpenTable, and Getaroom.
Booking is experiencing what appears to be the strongest travel season ever. Management is seeing robust leisure travel demand with room nights and gross bookings stronger than expected. Last quarter’s bookings of $40 billion were up 15% from the year-ago period and such was the company’s highest quarterly gross bookings ever. Management also emphasized its efforts to increase direct bookings through its mobile app, as it achieved a record-high of 48% of room nights booked through the app. The company is also building AI-enabled travel assistants for both Priceline and Booking.com. The AI Trip planner gives travelers a list of destination and properties with pricing.
BKNG is part of our Conservative Growth Portfolio. The stock looks like a leader in this new Bull Market.
