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This morning that is right we got the final reading on first quarter GDP and economic activity in the US was revised higher.
So one point 9% that's in line with estimates that growth is still sharply lower from the end of last year when the economy grew at a rate of three point 1%.
Durable goods orders for May also came in rising one point 9% which is better than expected.
But orders excluding transportation did not rise is much is expected.
Those orders rose -- six tenths of a percent.
We're nine -- with the expectation.
Meanwhile -- reached a deal that will allow it to get more bailout money from the rest of Europe.
While stocks got a boost on the news Motley -- David -- says there's one big hurdle to clear first.
It seems as though the European leaders had effectively.
Bury the bad news about this saying is that the key -- is of course the 28 of June.
When the -- -- parliament has to sit together and decide whether or not they will go through with this austerity package if they can push through the 78 billion euros.
All of austerity cuts that that that -- needed.
Then of course Europe we'll let them have twelve billion euros and that is the deal that is on the table right now.
The spending cuts aren't very unpopular with the Greek people though -- been protests and strikes for months.
But without the cuts -- may not get the bail out and without the bail out Greece will almost certainly default on its debt.
All -- prices are moving between gains and losses this morning the volatility comes after prices plunged yesterday.
And that was after the IEA announced it's releasing sixty million barrels of oil after the half of that's coming from the US emergency stockpiles.
And former ambassador John Bolton doesn't think it'll make much of a difference.
I think this release was entirely political.
There's nothing merely amounting for the kind of strategic crisis.
That the petroleum reserve was created four or that would justify released.
And I think the saudis and others had made it clear that whatever the disruptions.
In Libyan production caused by the civil war there they would make up -- OPEC is -- but is often in disarray.
And the saudis and others have their own ways of just increasing production without regard to the quotas that OPEC agrees on.
So I I think this was actually a mistake I think when you use the petroleum reserve in this kind of way.
You're undercutting its purpose and sending a signal of of weakness when there's no need to do it.
Analysts say the move should help bring gas prices down slowly but keep in mind they've kinda been moving that way anyway.
At JPMorgan Chase is dropping more than a thousand debt collection lawsuits according to the Wall Street Journal the bank did not disclose why it abandon the cases.
-- -- lawyer who handles cases for JPMorgan Chase in Florida told the journal.
They were dismissed because of irregularities in paperwork.
-- is spinning off its orchard supply hardware chain.
The California based chain will become its own publicly traded company because -- says.
It'll be more valuable to investors that way after the split Sears will own 80% of orchard supply.
While Ares management will own the remaining 20%.
Princess cruises canceling stops in parts of -- act the cruise line says it's dropping recalled into the Mexican port.
To protect passengers from violence the move comes months after the princess and other cruise lines canceled stopped in the nearby port.
Southern Union meanwhile is getting another takeover bid.
Williams is offering five billion dollars for the pipeline company that's higher than last week's bid from Energy Transfer Equity.
Energy Transfer Equity rather whichever -- accepted -- two companies will make that company the largest gas line pipeline company in the country.
The announcement is sending Southern Union shares higher in premarket -- And since you guys seem a little night light on your basketball knowledge so that -- -- let you know that retiree -- without due to 80.
Injury toe injury legs -- and -- what I say like injury leg injury.
I'll -- you know most basketball players are or quite tall according to -- -- so but carrier perfect actually not that good.
What does it have to do with this child though it doesn't and it'd be doing that comes our way -- just act in any time -- showed them that you anytime we talk about basketball and I just had to tell you something about it exactly anytime we talk about basketball this morning it just has not gone well yeah.
But you know carrier and the number one pick and we hope it does well and they can -- -- because she went to Wake Forest that's all you really need to know but they can dial up.
Have a good weekend you -- I don't even need an excuse to hate that we --
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