Wall Street: Thurs mid-session
A REPORT showing improved growth in nation's economy in the second quarter failed to impress Wall Street ahead of a long, holiday weekend.
Gross domestic product, or GDP, grew a revised 3.1% in the second three months of the year, said the Commerce Department. That was up from the 2.4% rise estimated a month ago and slightly above Wall Street expectations.
Commentators said the figures were as expected and only surprisingly strong growth would move the market.
The Dow Jones industrial average fell 13 points, or 0.15% at 9,320 while the Nasdaq Composite Index added 6.7 points, or 0.38% at 1,788 at the half-way stage.
Many market players are taking a holiday ahead of the long Labour Day holiday weekend. Wednesday's volume on the New York Stock Exchange was among the five lowest days so far this year..
Computer disk drive maker Western Digital leaped $1.80, or almost 19% to $11.30. The company said it expects to break even in its first quarter.
Pet supplies retailer Petsmart rallied $2.02, or 9.6% to $22.97. The company posted a 31% jump in quarterly profit, helped by store remodelling and higher-margin services such as grooming and pet training, and raised the outlook for its full-year earnings.
Apollo Group, the largest US for-profit education company, jumped $1.23, or 2% to $61.73. It expects its 2004 earnings to slightly top Wall Street estimates.
