The U.S. economy grew as expected in the second quarter, according to a reading Thursday that confirmed that gross domestic product rose at its quickest rate in nearly four years. GDP, the broadest measure of how the economy is progressing, increased 4.2 percent, the Commerce Department's Bureau of Economic Analysis reported, the same as expected from economists surveyed by Thomson Reuters. It was the fastest pace since the third quarter of 2014. This was the final reading for the quarter and now sets the stage for Q3 and what is expected to be a year that will show growth better than 3 percent, which the Trump administration has set as its goal.

GDP increased at a 2.2 percent pace in the first quarter. The Atlanta Fed is forecasting a 4.4 percent acceleration in the third quarter, though CNBC's Rapid Update survey of economists sees a less robust but still strong reading of 3.3 percent. Economists see growth slowing in the current quarter due to a drag from trade brought about by the tariff battles between the U.S. and China. The drag could be a full percentage point after trade added 1.2 percentage points in the second quarter due to a rush in soybean purchases ahead of the tariffs.