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.

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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Business Maverick: US Economy Seen Narrowly Averting Back-to-Back ContractionsThe US economy may have eked out modest growth in the second quarter, skirting back-to-back quarterly contractions, but rising at a tepid enough pace to feed concerns of an eventual downturn.
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Business Maverick: US Economy Shrinks for a Second Quarter, Fueling Recession FearsThe drumbeat of recession grew louder after the US economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied businesses and housing.
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