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Stocks head for lower open after GDP reading

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[June 26, 2008]  NEW YORK (AP) -- Wall Street is headed for a lower opening after the government issued a stronger-than-expected reading on first-quarter economic growth and said unemployment claims remained unchanged last week.

The Commerce Department revised its gross domestic product reading to an annual rate of 1 percent -- above the department's previous estimate of 0.9 percent.

Wall Street appeared little-moved. Analysts expected the GDP had grown at a 1 percent annual pace.

The Labor Department is reporting initial jobless claims remained flat at 384,000. They had been expected to decline slightly.

Dow Jones industrial futures are down 116 at the 11,691 level after being off by about 100 ahead of the reports. Treasury prices rose.

[Associated Press; By TIM PARADIS]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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