US stocks flat after GDP growth report
By DPA, IANSFriday, October 29, 2010
NEW YORK - US stocks were flat with minor fluctuations Friday despite a slight improvement of US economic growth to 2 percent for the third quarter.
The new figures, which come just days before US congressional elections, matched expectations by economists but are unlikely to be enough to curb the US unemployment rate, which has remained stubbornly high at 9.6 percent in recent months.
The pickup in economic activity was partly attributed to the sharpest gain in consumer spending - 2.6 percent - since November 2006, suggesting private demand for goods is starting to recover.
The blue-chip Dow Jones Industrial Average inched up 4.54 points or 0.04 percent, to 11,118.49. The broader Standard and Poor’s 500 Index slouched by 0.52 points, or 0.04 percent, to 1,183.26. The technology-heavy Nasdaq Composite Index added 0.04 points, with negligible percentage change, to 2,507.41.
The US currency fell against the euro to 71.7 euro cents from 71.79 euro cents Thursday; and against the Japanese currency to 80.40 yen from 81.02 yen.
