US growth lags, Spain’s borrowing costs surge
November 23, 2011
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A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe’s debt crisis. The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same. The Dow Jones industrial average lost 53.59 points, or 0.5 percent, to close at 11,493.72.
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