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Q2 GDP Rose A Surprising 2.4%
1That was much better than the 1.5% annual rate economists expected. Consumer spending was strong. Capital spending rose at its fastest pace in three years. Defense spending surged 44.1%, its biggest gain since the Korean War. And inventories declined, cutting Q2 growth, but possibly suggesting businesses will need to restock in the 2nd half. More on this page, A2
Factory, Claims Data Also Bullish
2A Chicago purchasers survey rose to 55.9, above forecast and a 6-month high. New orders were the best since May '02; inventories hit a 15-month low. Also, new jobless claims fell 3,000 to 388,000 in the July 25 week, the 3rd straight drop and the low since early Feb. July employment reports and the national ISM manufacturing index are due out today. More on this page, A2
Techs Mark Sixth Monthly Gain
3 The Nasdaq composite climbed 6.9% for July. The Dow industrials and S&P 500 were close behind with five-month winning streaks, their longest since 1998. For the day, the Nasdaq advanced 0.8% on heavier trade, the benchmark S&P 500 0.3%. But the market closed well off its highs following a late-day reversal. More on this page, B2
Bonds Dive, Dollar Rises On Data