US stocks end mixed after GDP report

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New York, July 30 (IANS) US stocks closed mixed for a fourth straight day on Friday, as the advance estimate on the country’s second-quarter economic growth came in worse than expected.

The Dow fell 0.13 pe rcent, and the S&P 500 rose 0.16 per cent, while the Nasdaq added 0.14 per cent, Xinhua news agency reported.

US real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the second quarter of 2016, well below market consensus of 2.6 percent, according to the advance estimate by the Commerce Department Friday.

The department emphasized that the second-quarter advance estimate is based on source data that are incomplete or subject to further revision by the source agency. The second estimate for the second quarter, based on more complete data, will be released on Aug. 26.

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Analysts said the downbeat economic growth dented market expectation for an interest-rate hike in the near future.



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