A recent recovery in the value of the dollar, meanwhile, and slowing growth abroad could temper what has been a rapid rise in exports. They have been a key support for a U.S. economy buffeted by falling real estate values and a financial crisis that has spread from brokerage firms to include banks and mainstay companies such as the mortgage giant Fannie Mae.  Sales abroad jumped by 13 percent from April through June and accounted for most of the growth in second-quarter GDP.  White House spokeswoman Dana Perino told reporters yesterday that the strong growth in exports "demonstrates just how important it is to continue with President Bush's efforts to open markets for America's goods and services." She called on Congress to pass a trade agreement with Colombia and other such negotiated agreements when lawmakers return from their summer recess on Sept. 8.  Asked whether the White House felt any vindication from yesterday's numbers, Perino said that "no one's doing a victory dance, but what we are doing is making sure that we continue to press Congress on one of the most important aspects, which is free trade."  While the overall GDP figure "looks good," the economy was nearly stagnant when exports are factored out, wrote Ian Shepherdson, chief U.S. economist with the consulting firm High Frequency Economics. "We expect much weaker" growth in the last half of the year, he said.  The Dow Jones industrial average rose yesterday by 212.67, or 1.85 percent, to close at 11,715.18. The Standard & Poor's 500-stock index gained 19.02, or 1.48 percent, to 1300.68, while the tech-heavy Nasdaq composite index finished at 2411.64, up 29.18, or 1.22 percent.
U.S. economic growth accelerated from April to June as taxpayers spent their federal rebate checks and a weakened dollar boosted exports, the government reported yesterday.According to new data from...