Stocks Fluctuate on Mixed Data
Stocks wavered between small losses and gains as slower economic growth in the second quarter fueled fears of a weakening economy, although other data showed small signs of economic improvement.
U.S. Growth Slows to 2.4%
U.S. economic growth slowed in the second quarter to a 2.4% annual rate. Business investment was strong, but imports were a big drag and consumers contributed less.
Treasury Rally Gains Momentum
Treasury prices rose, sending the two-year note's yield to a fresh record low of 0.543%, as the pace of U.S. economic growth slowed significantly in the second quarter.
Dollar Weakens Against Yen
The dollar and euro weakened against the yen after a slightly weaker-than-expected reading on U.S. gross domestic product encouraged a move into the safety of the Japanese currency.
European Stocks End Strong July on Soft Note
European shares fell, as disappointment over the slowdown in U.S. economic growth offset earnings-related gains. Even so, the Stoxx Europe 600 ended up 4.9% for July.
