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The Dow Jones ended the week on a low note as it continued to plummet on Friday despite positive GDP figures released by the Commerce Department.
The benchmark Dow Jones industrial index fell 208 points.
This followed very heavy losses on Thursday, when the index shed over 310 points to 13,473.57. The Dow was almost 450 points in the red at one stage on Thursday.
Friday’s losses came despite positive reports from the US Commerce Department.
It reported that GDP was up 3.4 percent in the three months from April to June, slightly above the 3.3 percent rise.
Exports grew 6.4 percent as imports dropped down 2.6 percent.
Consumer spending was up by 1.3 percent, down on the 3.7 percent rise in the first quarter.
United States President George Bush said the figures show that the US economy is in a strong position, despite a weak dollar, and widespread fears about housing and subprime loans.
However, the positive news from the Commerce Department did little to help markets.
In other indices on Friday, the Nasdaq composite index fell 19.77, or 0.76 percent, to 2,579.57 while The Standard & Poor's 500 index fell 12.93, or 0.87 percent, to 1,469.73.
21:24
Posted on Jul-29-2007
