Wall Street steadies itself following record-breaking economic reports

Oct 29, 2020 10:20 AM

NEW YORK (AP) - The Department of Commerce announced Oct. 29 that U.S. economic output in the third quarter grew by 33.1 percent, the largest expansion on record, after falling by 31.4 percent in the second quarter, the largest shrinkage on record.

In a release detailing the agency's "advance" estimate for third-quarter gross domestic product (GDP), the Commerce Department noted, as is standard practice, that the number is subject to a follow-up revision, to be published on Nov. 25.

"The increase in third-quarter GDP reflected continued efforts to reopen businesses and re...