On Wednesday, we discussed why investors shouldn't be surprised when the Dow turned downward sharply on Friday. Sure enough, the markets dipped more than 100 points after the U.S. Commerce Department revised its first quarter GDP figure and said that the economy retracted by 0.7% for the March-ending quarter.
After that dismal figure was reported, both economists and sympathetic apologists turned the spin cycle on high.
On CNBC Friday morning, one commentator asked if this revision wasn't so bad... because economists were expecting -0.8%, and the reading was -0.7%. By beating dismal expectations and inching over an already sunken bar, America won in the pundits' hive-mind.
Meanwhile, MarketWatch called the GDP reversal a "First Quarter Shocker."