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Friday Business Report: US Economy Surges

Vice President Mike Pence looks on as President Donald Trump delivers remarks about the economy on the South Lawn of the White House, Friday, July 27, 2018.
Associated Press
Vice President Mike Pence looks on as President Donald Trump delivers remarks about the economy on the South Lawn of the White House, Friday, July 27, 2018.

Latest GDP Report Shows a Surging U.S. Economy

New numbers from the U.S. Department of Commerce show the nation’s gross domestic product grew by 4.1 percent during the year’s second quarter. The percentage is the highest since 2014 and nearly double the first quarter GDP. President Donald Trump spoke at the White House shortly after the new figures were released and credited his trade policies for the boost.

Qualcomm Abandons Bid for NXP Semiconductors

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San Diego-based Qualcomm was ready to spend $44 billion to buy Dutch chipmaker NXP Semiconductors, but the deal fell through. Regulators from several countries approved the purchase, but China was the lone holdout. Qualcomm will pay a $2 billion breakup fee as a result.

San Diego Home Prices Hit A New High

The median home price in San Diego is $575,000, a new record according to CoreLogic. At the same time, the number of overall homes sales is trending downward. Economic analysts say it’s an indicator of the housing shortage fueling the high prices.

Facebook Stock Plummets

Thursday was a record-breaking day for Facebook on Wall Street. The company’s stock plunge amid concerns about revenue and overall usage trends. The company’s market capitalization fell by $119 billion, the largest one-day loss by a publicly traded firm.

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