Aug 29 - Second-quarter GDP growth expanded 1.7 percent while many are still holding out hope the Fed's Bernanke will announce more stimulus at Jackson Hole.
Ahead of the US economy remains sluggish and Spain remains in the red. Players yet. It's fast it's Wednesday from its headquarters in New York. Investors waiting for this year's version of Ben Bernanke at Jackson Hole. Many holding out hope the Fed Chairman will use his speech Friday to announce more stimulus for the economy. Our daily did it today helping maintain the economic status quo. It's one point 7%. The second reading of the second quarter GDP. Up slightly and right in line with expectations. Also below the two plus percent range needed to hold the unemployment rate steady. Nothing status quo in New Orleans which is getting pounded by hurricane I think has our other sections of the Gulf of Mexico coast. The category one storm threatening to flood towns in Louisiana Mississippi and Alabama. The levees built after Hurricane Katrina hit the Crescent City are holding. The US Department of Energy estimates only 12% of the Gulf Coast refining capacity has gone off line. Our power player of the day as good as goal it's it's hedge fund manager John Paulson. Who seem nervous investors on a Bank of America call by saying he's betting on gold despite recent disappointing returns. Paulson who first name name name for himself back in 2007 by successfully betting against the subprime mortgage market. As it is fun hit hard of late Citigroup's private bank pulled out just last week. A day after saying its earnings would top forecast. -- delivered the mustard ketchup. He catch it make -- benefiting from growth in emerging markets and improving results in the US -- Australia. South however missed expectations. While -- -- forecast its first annual profit in years. Sales are growing at its US chains hoping it in narrower loss in its fiscal fourth quarter. -- shares right now. Heinz is just down about 1% and Zale is up just under 2%. Other stocks to watch today include yell nearly 53 million shares are free to be traded as a post IPO lockup expires. And after another high profile departure the social games company's chief creative officer leading to start his own firm. In its chief operating officer resigned three weeks ago. One wait for Spaniards to work out their economic frustration is. I. Thousands of locals and Hispanic man. -- -- to the streets today for their beloved public festival in which folks who upload the data that each other. -- actually -- nothing to do with his. But must feel you've done it. Held annually on the last Wednesday August the festival effective date back to 1940s. With two local kids got in the night at a vegetable stand. Of course to me as well keep her back then. That's the latest from three times greatest Wednesday you can follow us on Twitter at Reuters Insider. And check out our what -- YouTube channel at Reuters dot com slash latest TV I'm Lisa Bernhard this is Reuters.