This was the worst week for the Dow Jones Industrial average in over a month as its 4 weeks winning streak ended. For the week the Dow lost 143 points. The latest readings on American Gross Domestic Product for the 2nd quarter of 2016 show the GDP fell below the financial industry’s meager predictions. The 1.2% percent growth rate in the second quarter combined with a downward revision to the first three months of this year produced an average growth rate of just 1%. It was far below the Wall Street forecast of 2.6%. Today’s data supported the Fed’s warning about weak business investment. Business investment fell 2.2%, its 3rd straight quarterly decline. Gross private domestic investment dropped 9.7%, and residential investment fell 6.1% -the first drop in two and a half years.
Here are the final numbers from Friday, July 29th on Wall Street:
Dow Jones Industrial Average: 18,432.24 (-24.11 / -0.13%)
NASDAQ: 5,162.13 (+7.15 / +.14%)
S&P 500: 2,173.60 (+3.54/ +0.16%)