Midday Market Report: 12/20/12

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The US economy grew at a three point 1% pace in the summer that was faster than expected and higher than previous forecast for third quarter GDP.

Why well increased export activity and spending by the government.

Growth in the current quarter however is expected to slow down.

Meanwhile the number of Americans filing new claims for unemployment aid rose last week to 361000.

That reverses four weeks of declines but also shows that damage from -- storm sandy is no longer affecting the data.

And the job market is recovering.

IntercontinentalExchange.

Also known as ice is buying the NYSE Euronext the operator of the iconic -- stock exchange.

In -- deal valued at eight point two billion dollars it's expected to close at the end of next year subject to regulatory approvals.

Riding -- wave of positive housing data is KB home.

The -- -- reporting that its latest fourth quarter revenue flew past expectations.

KB home CEO credits increased demand for a larger homes with more design options.

A third of the public has cut back on personal spending.

Because of worries about the coming fiscal cliff according to a survey -- -- -- dot com.

Evidence to spend -- showing up in Christmas shopping shopper track says Christmas sales will rise two and a half percent.

From the year earlier but that was down from its previous forecast of 3.3 percent.

In the business for -- log onto foxbusiness.com.

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