Hopes high for strong day on Wall Street after US GDP growth revised up

Economy grew at a 3.7% rate in second quarter to beat forecasts and raise expectations for another bounce-back after days of market turmoil

The US economy picked up pace in the second quarter and beat economists' estimates as businesses ramped up investment, helping fuel a second-day bounce-back for Wall Street's battered financial markets.

Gross domestic product (GDP), the broadest measure of goods and services produced across the economy, expanded at a 3.7% seasonally adjusted annual rate in the second quarter of 2015, the Commerce Department said on Thursday, up from the initial estimate of 2.3% growth. Economists had forecast a 3.3% rate.