By DPA,
New York: US stocks closed mixed Friday to end one of its best months in years, after government figures showed a smaller-than-expected contraction of the world’s largest economy in the second quarter of the year.
The economy shrank at a 1-percent annual rate April-June period, according to a preliminary estimate by the US Commerce Department. The figure signals that the longest US recession since the Great Depression of the 1930s has eased.
But first-quarter gross domestic product (GDP) contracted a revised 6.4 percent, the worst three-month stretch in 27 years, Friday’s report said. That figure was updated from a 5.5-percent drop reported last month.
The blue-chip Dow Jones Industrial Average climbed 17.15 points, or 0.19 percent, to 9,171.61. The broader Standard & Poor’s 500 Index was up 0.73 points, or 0.07 percent, to 987.48. But the technology-heavy Nasdaq Composite Index was down 5.8 points, or 0.29
percent, to 1,978.5.
The Dow climbed 8.6 percent in July, its best month since 2002. The S&P 500 gained 7.4 percent during the month and the Nasdaq 7.8 percent.
All stocks have risen sharply on signs of a stabilizing economy since US indices reached 12-year lows in early March.
The US currency rose against the euro to 70.14 euro cents from 70.09 euro cents on Thursday. The dollar fell against the Japanese currency to 94.70 yen from 95.48 yen.