Daily Market Update 7/31/08

Interest rates moved lower Thursday on weaker than expected economic reports. Second quarter Gross Domestic Product (GDP) grew 1.9%, below forecast of 2.3%, and Weekly Jobless Claims spiked to 448,000, well above expectations of 395,000. Stocks and oil prices moved lower on the news. Much of the growth in GDP was attributed to the economic stimulus checks sent out last quarter. Congress is now debating additional stimulus measures, but the growing budget deficit may limit their options. Tomorrow’s release of the Employment Report for July will be closely watched by traders and may be a significant market mover.

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