The second look at 2Q Gross Domestic Product, the broadest measure of economic output, showed a 1.6% annualized rate of growth, compared to the downward revision to 1.4% expected by a survey of economists by Bloomberg, as personal consumption was upwardly revised to 2.0% from 1.6%, and was expected to remain unadjusted.
The GDP Price Index rose 1.9%, above the consensus of economists, which called for the number to remain at 1.8%, and the core PCE Index, which excludes food and energy, increased 1.1%, inline with estimates of an unrevised figure.
Federal Reserve Chairman Ben Bernanke firmed his confidence in the economic recovery and said that the Fed stands ready to respond if necessary, in a speech at the Fed’s annual economic symposium.
The Dow Jones Industrial Average jumped 164 points (1.7%) to 10,151, the S&P 500 Index gained 17 points (1.7%) to 1,065, and the Nasdaq Composite was 35 points (1.7%) higher at 2,154. Crude oil gained $2.05 to $75.41 per barrel, and the Bloomberg gold spot price rose $0.47 to $1,238.07 per ounce. For the week, the DJIA declined 0.6%, the S&P 500 Index lost 0.7%, and the Nasdaq Composite shed 1.2%.
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