U.S. stocks were
little changed as better-than-estimated earnings from Mondelez
International Inc. helped offset results that disappointed from Facebook
Inc. and Procter & Gamble Co.
The Standard &
Poor’s 500 Index increased less than 0.1 percent to 2,108.75 at 4 p.m.
in New York, after falling as much as 0.6 percent. The gauge rebounded
above its average prices during the past 50 and 100 days.
A report today showed
gross domestic product rose at a 2.3 percent annualized rate, and a
revised 0.6 percent advance in the first quarter wiped out a previously
reported contraction. Consumer spending grew more than projected.
Separate data showed applications for unemployment benefits rose last
week after reaching a four-decade low, consistent with a stronger labor
market.
The Federal Reserve
yesterday appeared to move a step closer to raising interest rates after
policy makers expressed satisfaction with an improvement in labor
markets, keeping alive speculation borrowing costs may rise in September
without being definitive about the timing.
Source: Bloomberg
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