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A customer shops at the Wal-Mart Neighborhood Market in BentonvilleBy Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth accelerated in the second quarter as solid consumer spending offset the drag from weak business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year. "This was a very constructive report and given the supportive domestic economic backdrop, we expect this positive momentum in activity to be sustained in the coming months, providing the Fed with the necessary justification to raise rates this year - perhaps as early as September," said Millan Mulraine, deputy chief economist at TD Securities in New York. The report also showed a pick-up in inflation during the quarter, which economists say keeps the Fed on track for its first interest rate hike since 2006.


2015-07-30 11:19:17 -0500
WASHINGTON (AP) — The Obama administration wants the Supreme Court to reinstate securities fraud convictions against two hedge fund portfolio managers. The administration says an appeals court ruling in their favor makes it harder to prosecute insider trading.
2015-07-30 11:15:45 -0500