The major averages have pulled back off their highs for the session but are currently holding on to modest gains. The Dow is up 23.60 points or 0.1% at 16,841.73, the Nasdaq is up 9.66 points or 0.2% at 4,360.01 and the S&P 500 is up 4.11 points or 0.2% at 1,954.09.
The modest strength on
"In short, the larger contraction in GDP in the first quarter is not a sign that the US is suffering from a fundamental slowdown - it was still largely due to the extreme weather," Dales said. "The latest data are consistent with growth in the second quarter rebounding to at least 3.0%."
Providing evidence of the second quarter recovery,
While a separate report from the
Among individual stocks, shares of
On the other hand, shares of ImmunoGen (IMGN) have moved to the downside after
Despite the modest strength being shown by the broader markets, most of the major sectors are showing only modest moves in mid-day trading,
Gold stocks are seeing some strength on the day, however, with the NYSE Arca Gold Bugs Index up by 1%. The index is regaining some ground after plunging by 3% on Tuesday.
The rebound by gold stocks comes amid a modest increase by the price of the precious metal, with gold for August delivery rising
Natural gas, chemical, and healthcare stocks are also seeing some strength on the day, while oil stocks are pulling back further off their recent highs.
In overseas trading, stock markets across the
The major European markets also came under pressure on the day. While the French CAC 40 Index tumbled by 1.3%, the
In the bond market, treasuries have shown a notable move to the upside on the heels of the disappointing GDP data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.3 basis points at 2.543%.
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