NEW YORK (TheStreet) -- It was one of those treading-water kind of days as benchmark indices held at record highs with little fresh news to digest and with volume low in a holiday-shortened week. Investors continued to celebrate stimulus measures announced by China's central bank and the European Central Bank late last week, while seasonal cheer ahead of Thanksgiving on Thursday provided buoyancy to the S&P 500 and Nasdaq.
"The seasonality has a bullish tilt," Raymond James' chief investment strategist Jeffrey D. Saut wrote in a note. "I have learned the hard way that it is difficult to sell stocks off during the ebullient period between Thanksgiving and Christmas ... Thanksgiving week also has a bullish bias with a gain for the week of +0.64% two-thirds of the time."
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However, Wall Street's optimism could be tested come Tuesday morning upon the release of third-quarter real GDP.
"There was a weaker tenor to some of the data in September so we're a bit on the low-end of consensus," said Jennifer Vail, head of fixed income at U.S. Bank, in a call. The firm holds a 3.2% forecast for the quarter. Bloomberg economist surveys show a range of 3% to 3.8% with a consensus of 3.3%.
"There's nothing that's going to hit it out of the ballpark. It's going to continue to be this slow upward momentum because there's so many headwinds on the domestic economy," added Vail. "It's going to be a two-steps-forward, one-step-back scenario for an extended period of time."