U.S. gross domestic product (GDP) grew at an annualized rate of 3 percent in the second quarter, showing an impressive performance for the economy through an elevated interest rate environment set by the Federal Reserve.

Three percent growth in the Commerce Department’s third estimate of GDP performance confirmed the second estimate, which also came in at 3 percent. Both were up from 1.6-percent growth in the first quarter.

Corporate profits, adjusted for inventories and capital use, were up $132.5 billion in the second quarter, marking........

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