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To: DebtBomb who wrote (12875)	8/29/2001 8:38:51 AM
From: 2MAR$	Read Replies (2) \| Respond to of 208838

Consumer Spending Revised Up In New GDP Edited by George Stahl Of DOW JONES NEWSWIRES (Call Us: 201 938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 8:38 (Dow Jones) Real GDP was revised down in the second quarter and now shows a 0.2% annual rate of growth rather than the 0.7% rate first reported. Lower levels of inventories and fixed investment were the main contributors to the downward revision. Consumer spending was revised up slightly. The PCE deflator was revised from 1.7% to 1.6%. (JM) 8:36 (Dow Jones) Whew. Worries of a negative GDP reading turned out to be much ado about nothing. It's still worrisome that the GDP fell, but at least the whole economy didn't contract. Now, with recession concerns temporarily out of the way, investors can focus on the real problem affecting the stock market - weak earnings. Stock futures rise on positive GDP. (GS) 8:29 (Dow Jones) Two events - one before and after the market - should dictate trading for the rest of week. The revised 2Q GDP report, due out in a minute, will set the tone for the open. A negative reading, showing the economy contracted in the 2Q, would hurt the market and damage investors' fragile psyche. After the bell, Sun Micro's (SUNW) mid-quarter update - the first such look from a bellwether tech company - will provide analysts with a peak into the current quarter. Already, the picture is bleak: Gateway (GTW) is cutting 25% of its jobs and Merrill sees the high-end router market contracting 0-10%. Watch for developments from the Computer Associates (CA) holder meeting, where management appears to have won the proxy battle over Sam Wyly. Futures pensive ahead of GDP. Dollar weaker. Europe and Asia lower, as the Nikkei finished below 11000 for the first time in 17 years. (GS) (END) DOW JONES NEWS 08-29-01 08:38 AM