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

U.S. stocks are falling as investors await comments from Fed's Powell

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	33,793.6	-97.4	-0.29%
US 500	4,110.3	-0.8	-0.02%
Dow Jones	33,791.55	-99.47	-0.29%
S&P 500	4,110.53	-0.55	-0.01%
Nasdaq	11,904.40	+16.95	+0.14%
S&P 500 VIX	19.59	+0.16	+0.82%
Dollar Index	103.523	+0.025	+0.02%

Crude Oil WTI	76.65	+2.54	+3.43%
Brent Oil	83.28	+2.29	+2.83%
Natural Gas	2.530	+0.073	+2.97%
Gold	1,886.70	+7.20	+0.38%
Silver	22.210	-0.027	-0.12%
Copper	4.0465	+0.0115	+0.29%
US Soybeans	1,522.12	+0.12	+0.01%

U.S. 10Y	3.653	+0.021	+0.58%
U.S. 30Y	3.694	+0.022	+0.59%
U.S. 5Y	3.8214	+0.0070	+0.19%
U.S. 3M	4.7090	+0.0000	+0.00%
US 10Y T-Note	113.41	-0.09	-0.08%
Euro Bund	136.09	-0.82	-0.60%
10-2 Yield Spread	-83.45	-6.52	8.48%

Apple	152.58	+0.85	+0.56%
Alphabet A	104.80	+1.90	+1.85%
Tesla	192.76	-2.00	-1.03%
Amazon.com	99.46	-2.72	-2.66%
Netflix	357.66	-3.82	-1.06%
Meta Platforms	188.14	+2.08	+1.12%
Bank of America	36.69	+0.32	+0.87%

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

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