The EconomyOn Friday, the Commerce Department said first-quarter gross domestic product reflected a rise in its final estimate, albeit at a slower-than-expected pace. Economic growth was revised down to 2.7% in the government's third estimate this morning from 3% in its reading in May, even though economists had expected growth to remain at 3%, according to Briefing.com. The University of Michigan issued its final report on June consumer sentiment, saying its index registered a 76 in its latest read. The market wasn't expecting a change from the index's previous level of 75.5.
Company NewsWith more certainty about financial regulation setting in, financial stocks experienced a relief rally and turned in the best performances on the Dow, with American Express ( AXP), JPMorgan Chase ( JPM) and Bank of America ( BAC) headlining advancers on the average. But Coca-Cola ( KO), Wal-Mart ( WMT) and Microsoft ( MSFT) had the steepest declines on the Dow.
Commodities and the DollarCrude oil for August delivery finished $2.35 higher to settle at $78.86 a barrel. Elsewhere in commodity markets, the August gold contract gained $10.30 to settle at $1,256.20 an ounce. The dollar was trading lower against a basket of currencies, with the