While you were sleeping: US economy gathers steam

Wed, 30 Jul 2014

By Margreet Dietz July 31 (BusinessDesk) - Wall Street was mixed after the US economy kicked into a higher-than-expected gear in the second-quarter while Federal Reserve policy makers reminded investors that the nation’s jobs and housing markets remain weaker than desired. American gross domestic product grew at a 4.0 percent annual rate, after contracting at a revised 2.1 percent pace in the first quarter, the Commerce Department said. “The momentum for the second half is solid,” Stuart Hoffman, chief economist at PNC Financial Servic...

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