Economy posts 4.2 percent first quarter growth
The Commerce Department reported that the US economy grew 4.2 percent in the first quarter of 2004, up from 4.1 percent in late 2003, signaling sustainable momentum despite not meeting analysts 5 percent expectations. Analysts foresee continued expansion into the second half of the year.
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30 year mortgage rates rise above 6 percent for first time
Washington AP Freddie Mac reports 30 year fixed rate mortgages climbing to 6.01 percent this week marking the sixth straight weekly increase. Analysts say improving economy fuels inflation fears and Fed rate concerns as markets weigh next week's Fed meeting and April employment data.
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First U.S. Spam Case Hinges on Money Trail
Washington AP report describes the first criminal case under the anti spam law. Investigators traced defendants by purchasing a weight loss product for 59.95 and watching who collected the money. Defendants named are Daniel J. Lin James J. Lin Mark M. Sadek and Christopher Chung of West Bloomfield Michigan. Sadek pledges innocent. Penalties include up to five years for anti spam violations and up to twenty years for mail fraud.
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