US STOCKS-Wall St rallies again on Fed views, as data shows U.S. economic contraction
U.S. stocks rose sharply for a second day Thursday as data showing a contraction in the U.S. 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 more than 4%, while the yield on benchmark 10-year Treasury notes retreated. The decline in yields may suggest "that markets think the Fed will have to pivot and move rates lower at some point, maybe in the next 12 month period," said Mona Mahajan, senior investment strategist at Edward Jones.
Published:7/28/2022 2:29:18 PM