The Commerce Department said gross domestic product increased at a 3.2 percent annualized rate, lifted by trade and the largest accumulation of unsold goods since 2015, factors that are likely to reverse in the coming quarters.Growth was also boosted by an increase in government investment, which offset sharp slowdown in consumer and business spending.
"Markets have been very strong all year, and this confirms that things are going fine, but we could see some volatility as investors dissect these numbers." Wall Street now expects earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3per cent fall expected at the start of April.
Amazon.com Inc rose 1.8per cent in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.Ford Motor Co shares surged 7.3per cent after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.
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