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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Oct 31, 2003
Page
9
U S GDP rose 7.2 percent in the third quarter bringing the strongest quarterly expansion in nearly two decades. Consumers and businesses boosted demand with durable goods and services, while tax cuts and low rates supported spending across key sectors.
Crude futures dropped further after a bearish weekly inventory report and selling pressure from large noncommercial traders. The EIA said natural gas storage rose to 3.12 trillion cubic feet, while crude stockpiles rose to 291.8 million barrels. Gasoline supplies declined to 193.8 million barrels.
Wall Street posted a mixed session as the GDP grew 7.2 percent in Q3, the fastest pace since early 1984, but analysts questioned sustainability. Exxon Mobil disappointed, lifting caution while the Dow edged up 12.08 points to 9,786.61. The Nasdaq slipped to 1,932.69 and the S&P 500 fell to 1,046.94 as investors weighed future growth against past performance. Jobless claims fell 5,000 to 386,000, signaling slower layoffs ahead.
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