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Market News: Nike, Pier 1 Imports, Aratana Therapeutics

The stock markets in the United States declined except the Dow Jones Industrial Average, up by 0.61% as of 2:41 in the afternoon in New York today. The biotechnology shares slid toward a bear market, which dragged down the NASDAQ by 0.87%. The S&P 500 and Russell 2000 was down 0.1% and 0.86%, respectively as of this writing.

Yesterday, Federal Reserve Chairperson Janet Yellen stated that the central bank is still on track to raise interest rates this year. However, she emphasized that economic surprises could lead policymakers to change course.

Last week, the Federal Reserve maintained its federal funds rate due to concerns that the recent global market turmoil including China’s economic slowdown could spillover to the U.S. economy.

Today, the Department of Commerce reported that the U.S. gross domestic product (GDP) rose to 3.9% in the second quarter, up by 0.2% from the 3.7% previous estimate. The data alleviated some concerns regarding the potential impact of an emerging-market downturn to the U.S. economy. The GDP growth was driven...