U.S. second-quarter GDP growth revised sharply higher to 3.7 percent

The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year. Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate. The GDP report, which was released in the wake of a global stock market sell-off, should assure investors and