US economy grew at 1.3 percent rate in April-June quarter, weaker than previous estimate. Weekly US unemployment benefit applications fall sharply to 359,000, lowest in 2 months.
Stocks are holding on to gains at midday on Wall Street. The Dow Jones industrial average is up 19 points at 13,432. The Standard & Poor's 500 index is up six at 1,439. And the Nasdaq composite index is up 19 points at 3,113. The S&P has had five straight declines. In other financial news this morning, Goldman Sachs has agreed to pay $11.9 million to settle civil charges accusing one of its executives of providing campaign services to a Massachusetts official in return for bond business. The Securities and Exchange Commission also charged former Goldman Sachs vice president Neil M.M. Morrison with trying to influence the awarding of state contracts through campaign work for former Massachusetts Treasurer Timothy Cahill.