Frist endorses stem cell research amid Bush clash
Senate Majority Leader Bill Frist backed government funded research on human embryonic stem cells, angering abortion foes and aligning with Nancy Reagan. He argued policy should adapt to science while Bush urged vetoes on the House bill expanding federal funding for stem cell work aimed at cures for spinal injury and other diseases.
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Economy grows 3.4 percent in second quarter amid high energy costs
The Commerce Department reported a 3.4 percent annual GDP rise for Q2, down from 3.8 percent in Q1, as firms reduced inventories. Wages and benefits grew 0.7 percent, signaling cooling inflation pressures, while Greenspan hinted rates may rise to curb energy-driven inflation.
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Profit-taking ends four-week stock rally in July decline
Investors booked profits to close July, pulling major indexes lower after a 3.4 percent GDP growth reading. Dow fell 0.60 percent to 10640.91, S&P 500 down 0.77 percent to 1234.18, Nasdaq off 0.62 percent to 2184.83, as rate-hike expectations and strong earnings tempered momentum.
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