US futures mixed after US growth report
NEW YORK -- Stock futures were mixed but recovered from sharp declines Friday after the government reported that economic growth during the third quarter was slightly better than expected thanks in part to stronger consumer spending.
Dow Jones industrial futures fell 27 points to 12,029, but had been down about 100 points in early trading. The S&P futures gave up a point to hit 1,407.20. Nasdaq futures came out of negative territory and rose 2.75 points to 2,650.75.
The Commerce Department reported that the economy expanded at 2 percent annual rate from July through September. In addition to stronger consumer spending, a critical piece of the nation's economic recovery, government spending added to growth as well.
Economists had predicted a more modest growth rate of 1.8 percent.
Also weighing on the market was a study by Global Financial Integrity, a monitoring group based in Washington, which found that Chinese investors evaded government regulators to spirit more than $600 billion out of the country.
That trend, according to the group, appears to be accelerating, and many point to frustration with the state-run banking system that provides breaks to state-owned companies.
The group said it was unclear how much of the money came from corruption or other crimes but it said the outflow could worsen economic and political strains.
U.S. corporations continue to post quarterly results.
The drugmaker Merck & Co. said Friday third-quarter profit rose 2 percent.
Comcast Corp., the nation's largest provider of TV and high-speed Internet services, more than doubled its net income during the quarter.
Exposure to Europe and its debt crisis stung Goodyear Tire & Rubber Co., which said net income fell by nearly one third.