Economy
GDP Growth Slows to 2.4%
But the report also contained a few bright spots. Fixed investment made gains during the second quarter, the Commerce Department said, as equipment and software soared 21.9%. Federal spending also rose 9.2%, as a reinvigorated war effort in Afghanistan may have lent a hand to national defense spending, which rose 7.4%. More surprisingly, state and local expenditures also rose 1.3% after posting three straight quarters of declines, despite headlines focused on struggling state budgets around the country.
Stocks began the Friday session trading lower after the report's release. Most recently, the Dow Jones Industrial Average, S&P 500 and Nasdaq were down 0.6%, 0.8% and 1.1%, respectively. --Written by Sung Moss in New YorkTheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
107.26
|
|
DOWN
74.92 |
DOWN
2.86 |
DOWN
1.85 |
DOWN
0.14 |
10 Yr
1.74%
SPDR Gold
152.68
|
|
-0.60%
|
-0.22%
|
-0.07%
|
-0.80%
|
Data delayed 20 minutes |
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