Second-quarter GDP revised upward
The government says the US economy expanded more than previously estimated.
By Shanthi Venkataraman, TheStreet
The U.S. economy grew at an annual rate of 1.7% in the second quarter, the government said Thursday.
The report was the Commerce Department's third estimate of gross-domestic-product growth and was slightly higher than its previous estimate of 1.6%. The consensus expected the final estimate to remain unchanged.
In the first quarter, GDP grew 3.7%. Growth materially slowed in the second quarter on the back of accelerating imports and a slowdown in private inventory investment, causing the government to revise its advance estimate for second-quarter GDP from 2.4% to 1.6%.
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[BRIEFING.COM] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
Equity indices were pressured from the get-go after several heavyweights disappointed the market with their earnings and/or guidance, which led to some broader profit-taking. After ... More
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