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Stocks mixed...Economic growth accelerates...Online sales taxes a step closer

Friday - 4/26/2013, 11:40am  ET

NEW YORK (AP) -- Stock indexes are struggling in the early going on Wall Street after the latest update on the U.S. gross domestic product. The government says U.S. economic growth in the first quarter wasn't as strong as economists had predicted.

WASHINGTON (AP) -- The strongest consumer spending in more than two years has given the economy a boost in the first quarter. The Commerce Department says the overall economy expanded at an annual rate of 2.5 percent from January through March as consumer spending rose at an annual rate of 3.2 percent, the best since the end of 2010. But government spending fell at an annual rate of 4.1 percent, led by a deep cut in defense spending.

UNDATED (AP) -- Burger King says its earnings more than doubled in the first quarter as it trimmed restaurant-related expenses. Revenue fell, but less than analysts expected. The fast-food chain earned $35.8 million, or 10 cents per share, in the quarter that ended March 31. That's up from $14.3 million, or 4 cents per share, the previous year. Sales at established restaurants declined 1.4 percent.

NEW YORK (AP) -- Chevron says its net income fell 4.5 percent in the first quarter as oil prices and refinery output declined. The second-largest U.S. oil company has seen better profit margins than the other major energy companies in recent years because a big part of its production mix is oil, which has been fetching high prices, while rivals, like Exxon Mobil, produce more natural gas in the U.S, where gas prices have been low.

WASHINGTON (AP) -- Internet shoppers are a step closer to paying sales taxes for their online purchases, but the fight isn't over. The Senate voted yesterday to advance a bill that would impose state and local sales taxes on purchases made over the Internet. An agreement among senators delayed the Senate's final vote on passage until May 6, when senators return from a weeklong vacation.


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