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U.S. GDP growth revised to 4.2% in second quarter

Traders applaud at the New York Stock Exchange.
Photo: Andrew Burton/Getty Images

The U.S. economy grew at a rate of 4.2% in the second quarter — more than the initial estimate of 4.1%, according to the Commerce Department.

Why it matters: The upward revision marks the economy's best performance in four years, as Reuters reports, thanks to a boost in corporate spending and a decline in imports.