IBD'S TOP 10.(A)

Q2 GDP Slows To Anemic 1.1%

1The economy grew at a tepid 1.1% annual rate in Q2, much slower than expected. Inflation, coming in at a 1% rate, was still a no-show. But the government revised '01 sharply downward, showing a much deeper recession than first seen. The economy shrank 0.6% in Q1 of '01, 1.6% in Q2 and 0.3% in Q3. Earlier, the government estimated GDP shrank only in Q3. More on this page

Apparel Stores' Outlook Weaker

2Hot Topic, a teen chain, said July same-store sales were off 3% to 4%. It cut its sales and EPS view for July-ended Q2 and Oct.-ending Q3. Children's Place Retail also expects a drop in July comp-store sales. The news follows a similar report from Gadzooks on Tuesday and reports Monday from Wal-Mart and Target that the latest week's sales fell short of plan. More on this page

Fed Banks See Sluggish Upturn

3The economy is growing modestly, but the job market is lagging, the Fed beige book said. "District reports suggest that the economy expanded modestly in recent weeks, with an uneven performance across sectors," it said. Retail was mixed, with four regions weak and five strong. The Fed is expected to hold rates steady when policy-makers meet Aug. 13. More on this page

Dow, S&P Rally For Mild Gains