S&P 500 rises slightly even after GDP contracts for a second time
Posted On July 28, 2022
Wall Street’s main indexes rose slightly on Thursday after gloomy forecasts from Meta and Qualcomm and an early reading that showed the U.S. economy contracted again in the second quarter.
The Dow Jones Industrial Average added 83 points, or 0.3%. The S&P 500 climbed 0.3% and the Nasdaq Composite rose 0.2%. All of the major averages are on pace for a winning week and their best month of 2022.
The 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.
Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday.
MORE TO COME…