James Lee Witt, right, listens to BP PLC CEO of Gulf Coast Restoration Organization Bob Dudley as he speaks at a news conference to announce Witt's hiring as an advisor to BP's Deepwater Horizon oil spill response in Biloxi, Miss., Friday, July 30, 2010. Witt, the former FEMA director under President Bill Clinton, is expected to advise BP through its long-term response and recovery efforts. (AP Photo/Patrick Semansky)AP - BP's new boss says it's time for a "scaleback" in cleaning up the Gulf of Mexico oil spill. Federal officials say there is no way the crude could reach the East Coast. And fishing areas are starting to reopen.


Reuters - U.S. stocks are unlikely to break above a key technical level next week unless monthly jobs data and consumer company results paint a more promising picture of the recovery.
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NEW YORK (Reuters) - U.S. stocks are unlikely to break above a key technical level next week unless monthly jobs data and consumer company results paint a more promising picture of the recovery.


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Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
WASHINGTON (Reuters) - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.


A trader works on the floor of the New York Stock Exchange July 28, 2010. REUTERS/Brendan McDermidReuters - U.S. stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data.


AP - Energy prices settled higher on a day of uneven trading after the government said the economic recovery slowed during the second quarter as consumers conserved their money.
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People hold Union flags during a demonstration to protest the government austerity cuts in Madrid in June 2010. The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery AFP - The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery "is likely to be weak and fragile."


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Shoppers and pedestrians walk past an extrance to Macy's Department Store in New York City, December 2009. US economic growth slowed dramatically to 2.4 percent in the second quarter of this year, the Commerce Department said Friday, prompting fears the recovery is losing steam.(AFP/Getty Images/File/Chris Hondros)AFP - US economic growth slowed dramatically to 2.4 percent in the second quarter of this year, the Commerce Department said Friday, stoking fears that the recovery is losing steam.


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Leading shares in London slipped lower on Friday after weaker-than-expected US growth figures stirred concern about the strength of the economic recovery, dealers said.(AFP/File/Shaun Curry)AFP - Leading shares in London slipped lower on Friday after weaker-than-expected US growth figures stirred concern about the strength of the economic recovery, dealers said.


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