As expected, the gross domestic product was revised downward on Friday, but that didn’t seem to place a considerable damper on the mood of investors.
In an announcement, the Bureau of Economic Analysis said that the economy grew at a 1.6 percent rate in the second quarter of 2010, down from the 2.4 percent that was stated in the advance estimate earlier this summer.
The economy grew at a 3.7 percent rate in the first quarter, illustrating how economic growth appears to have stagnated at best in recent months. A report from Reuters noted that many analysts had been expecting the GDP to be only 1.4 percent for the second quarter, which is why stock futures responded in a relatively positive manner.
As a result of the slightly better than expected GDP figure, stock futures on the Dow Jones Industrial Average were back above 10,000 on Friday morning, posting a gain of 59 points. The S&P 500 and the NASDAQ 100 also posted modest gains.
Stock futures were also up on all of the major European exchanges on Friday morning, while in Asia, Hong Kong’s Hang Seng index was down 91 points.
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