Preliminary 2Q GDP was revised upward from the advance report of an annualized rate of 1.9% to 3.3%, topping the estimate of 2.7%. Personal consumption was revised from 1.5% to 1.7%, just above the forecast of 1.6%. The core PCE Price Index, which is a closely-followed measure of inflation by the Fed, held at 2.1% as anticipated. The PCE Price Index, however, was up 4.2% amid the surge in energy prices. More from Bloomberg...
The Dow Jones Industrial Average gained 213 points (1.9%) to close at 11,715, the S&P 500 Index rose 19 points (1.5%) to 1,301, and the Nasdaq Composite increased by 29 points (1.2%) to 2,412. Crude oil dropped $2.56 to $115.59 per barrel, and gold gained $4.70 to finish at $838.70 per ounce.
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