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Wall St ends up sharply 2nd day; data shows US economic contraction - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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US stocks rallied for a second day on Thursday as data showing a contraction in the US economy for the second straight quarter raised investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had thought.

Most S&P 500 sectors gained, with utilities up the most, while the yield on benchmark 10-year Treasury notes retreated.

Stocks rallied in the previous session when the Fed raised interest rates as expected and comments by Fed Chairman Jerome Powell eased some worries about the pace of rate hikes. According to preliminary data, the S&P 500 gained 48.64 points, or 1.21%, to end at 4,072.25 points, while the Nasdaq Composite gained 126.72 points, or 1.09%, to 12,163.72.The Fed on Wednesday raised the benchmark overnight interest rate by three-quarters of a percentage point. The move came on top of a 75 basis points hike last month and smaller moves in May and March, in an effort by the US central bank to cool inflation.

 

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