U.S. economy contracts at 31.4% annualized rate in second quarter By Reuters

U.S. economy contracts at 31.4% annualized rate in second quarter

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WASHINGTON (Reuters) - The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.

Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.

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trau truu Sep 30, 2020 9:57AM ET

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"upbeat economic data"

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Jon Bal Sep 30, 2020 9:34AM ET

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nothing another $Trillion or 2 from the fed can't fix

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Hunt Richardson Sep 30, 2020 9:16AM ET

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hopes of a vaccine ignited a rally in the stock market. later, fear of the virus spreading spooked traders and caused the market to swoon

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US 30	35,420.0	+51.5	+0.15%
US 500	4,585.6	+8.3	+0.18%
Dow Jones	35,368.47	-543.34	-1.51%
S&P 500	4,577.34	-85.51	-1.83%
Nasdaq	14,506.9	-386.9	-2.60%
S&P 500 VIX	22.79	+3.60	+18.76%
Dollar Index	95.710	+0.549	+0.58%

Crude Oil WTI	86.25	+0.37	+0.43%
Brent Oil	88.56	+0.06	+0.07%
Natural Gas	4.382	+0.050	+1.15%
Gold	1,814.85	+1.40	+0.08%
Silver	23.527	+0.015	+0.06%
Copper	4.4045	+0.0015	+0.03%
US Soybeans	1,362.00	-7.00	-0.51%

SPDR S&P 500	456.49	-8.23	-1.77%
iShares Russell 2000	207.83	-6.48	-3.02%
Invesco QQQ Trust	370.55	-9.46	-2.49%
Direxion Daily Junior Gold Miners Bull 2X Shares	58.22	-1.26	-2.12%
iShares Silver	21.69	+0.49	+2.31%
ProShares Ultra VIX Short-Term Futures	13.68	+1.40	+11.40%
ProShares UltraPro QQQ	66.69	-5.18	-7.21%

Apple	169.80	-3.27	-1.89%
Alphabet A	2,719.96	-69.65	-2.50%
Tesla	1,030.51	-19.10	-1.82%
Amazon.com	3,178.35	-64.41	-1.99%
Netflix	510.80	-14.89	-2.83%
Meta Platforms	318.15	-13.75	-4.14%
Bank of America	46.26	-1.65	-3.44%

U.S. economy contracts at 31.4% annualized rate in second quarter

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