Revised GDP Caps off Week of Lackluster Financial News
Date: 8/27/2010
Stocks were in positive territory on Friday morning despite what was a lackluster week at best for many investors and their outlook on the economy.

The week got off to an even worse start as investors got a look at how badly the real estate market has fared since the expiration of the homebuyer tax credit earlier this summer. Another disappointing bit of news came in the form of a lackluster report on durable goods orders.

On Friday, the Bureau of Economic Analysis reported that in the second quarter of 2010, the nation's gross domestic product grew at an annual rate of 1.6 percent, which was down from the initial estimate of 2.4 percent.

While that news was disappointing at face value, investors still reacted favorably because many economists had been expecting the revised GDP figure to be somewhat lower. As a result, the Dow Jones Industrial Average was back above 10,000 on Friday morning by more than 80 points.

According to the BEA, the gains in the GDP last quarter were fueled by personal consumption expenditures, exports and federal government spending, among other things, while increased imports helped to hold back further growth.