02:37
+18 C°
Traffic jam:   0
$
60.8993
62.5355

Key US indexes rise after opening on GDP slowdown

28 July 2022
2555
2 min.
8
Key US indexes rise after opening on GDP slowdown

US economy

Key indices on the New York Stock Exchange are rising in the first minutes after opening trading on Thursday, despite a 0.9 per cent year-on-year decline in US GDP.

The Dow Jones Industrial Average rose 82.96 points (0.26%) to 32,280.55. The S&P 500 index gains 12.97 points (0.32%) to 4,036.58 points. The Nasdaq electronic exchange index rises 25.82 points (0.21%) to 12,058.24 points.

Earlier on Thursday the US Department of Commerce published figures showing that the country's GDP in the second quarter of 2022 declined by 0.9% year-on-year. Experts had expected US GDP for the second quarter to rise by 0.3% year-on-year.

It is worth noting that many US analysts consider the ongoing economic downturn for two consecutive quarters to be one of the main signs of recession. The White House has previously repeatedly stated that this is not the case and that the US economy will avoid recession.

On Wednesday, Jerome Powell, chairman of the US Federal Reserve (Fed), which serves as the country's central bank, said that the United States could avoid a recession due to strong economic indicators, especially low unemployment. He stressed that the financial regulator does not officially announce that the American economy has slipped into recession. An independent panel of economists from the National Bureau of Economic Research is doing this.

Powell also said that slowing the country's economic growth could help combat high inflation.

According to a statement from the US Department of Labor, the country's consumer prices rose 9.1 per cent year-on-year in June, the largest increase since November 1981. To combat inflation, the Fed on Wednesday raised its benchmark interest rate by 0.75p to 2.25-2.5 per cent for the second time in a row.

Persons1 and Companies7 in the news

Section:
Source foto:
flickr.com

Discussion

Rating companies
Nasdaq
175 Mention
Dow Jones
130 Mention
Apple
58 Mention
Tesla
52 Mention
Facebook
45 Mention
Amazon
44 Mention
Twitter
34 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
7971857983
Died this year
36629741
Born this year
90115646