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Q2 GDP Grew 3.4%, Near Views
1That was down from Q1's annual rate of 3.8%. But final sales, which exclude inventory changes, surged at a 5.8% pace, the best since Q3 '03. Benchmark revisions lowered growth estimates for 2002-2004. The report's core inflation gauge was revised significantly higher for recent quarters, but cooled a bit to 2% in Q2. More on this page
Frist Backs Stem Cell Research
2Senate Majority Leader Bill Frist, R-Tenn., endorsed House-passed legislation to expand federal financing for human embryonic stem cell research, breaking with President Bush and religious conservatives. The move could impact his '08 presidential aspirations. The White House said Bush still favors a federal spending ban on new embryonic stem cell research. More on this page
Oil Hits $60.57 On Supply Woes
3Sept. crude jumped 63 cents to $60.57 a barrel -- hitting $61.05 intraday -- as supply disruptions piled up. BP shut down a North Sea oil field and reported a late Thurs. explosion at its Texas City refinery. Those followed a Thurs. fire at a Murphy Oil refinery in Louisiana. Crude rose $1.92 for the week. More on B16
Stocks Retreat On Mild Trading