News Column

Wall Street Shrugs Off Downward GDP Revision

June 26, 2013
wall street stock exchange

A downward revision in the U.S. first quarter gross domestic product did not hold Wall Street back from making gains Wednesday.

The Commerce Department said its previous estimate of GDP growth, 2.4 percent, did not hold up due to less spending by consumers than previously estimated and slimmer gains in exports. The new GDP estimate, the final estimate out of three, pegged economic growth January through March at 1.8 percent.

Stocks still rose. The Dow Jones industrial average added 149.83 points, 1.02 percent, to 14,910.14.

The Nasdaq gained 28.34 points, or 0.85 percent, to close at 3,376.22 The Standard & Poor's 500 tacked on 15.23 points, or 0.96 percent, to finish at 1,603.26.

On the New York Stock Exchange, 2,357 stocks advanced and 766 declined on a volume of 3.5 billion shares traded.

Japan's Nikkei 225 index lost 1.04 percent, 135.33 points, to close at 12,834.01.

Britain's FTSE 100 index rose 1.04 percent, adding 63.57 points to 6,165.48.

The 10-year treasury note yielded 2.543 percent.

On currency markets, the euro rose to $1.3009. Against the yen, the dollar was lower 97.81 yen.

Gold dropped sharply, giving up $49.90 or 3.91 percent to $1,225.10 an ounce on the New York Mercantile Exchange's Comex division.

Gold's decline from the first of the year accelerated last week when U.S. Federal Reserve Chairman Ben Bernanke outlined plans to wind down the central bank's quantitative easing program.

Crude oil prices climbed to $95.47 per barrel in after-hours trading on the York Mercantile Exchange.

On the Chicago Board of Trade, July corn finished up 8 1/4 cents at $6.65, November soybeans shed 1 3/4 cents to $12.76 3/4 and wheat for July contracts shed 7 cents to $6.78.

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Source: Copyright UPI 2013

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