GDP Shrinks Again As U S Economy Enters Recession Watch
The United States economy contracted 0.9 percent in the second quarter following a 1.6 percent drop earlier in the year, signaling a potential recession. Consumer spending and business investment slipped while home construction fell 14 percent amid rate hikes by the Federal Reserve. President Biden and Fed Chair Powell disputed a recession, citing strong jobs data and a resilient labor market.
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Biden hails giant step as inflation fight advances
President Biden praised a nascent Democratic package covering climate health care and taxes as a giant step for the nation. Senate leaders and key moderates signaled positive reactions as Manchin agreed to broaden the measure beyond drug price limits amid inflation concerns.
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JetBlue to buy Spirit Airlines for 3.8 billion dollars
JetBlue Airways agreed to acquire Spirit Airlines in a 3.8 billion dollar deal ending a bidding war that began in April. The combination would create the fifth largest U.S. carrier with about 9 percent of the market and face antitrust scrutiny from the Justice Department.
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Stocks Rally After GDP Signal Cuts Inflation Fears
The S&P 500 rose 1.2 percent, the Dow gained 1 percent, and the Nasdaq climbed 1.1 percent as investors grew hopeful the economy's cooling pace may allow the Fed to ease rate hikes. GDP fell 0.9 percent last quarter, with consumer spending and inventories weak, signaling renewed caution for growth. The rally followed the Fed's rate increase to the highest since 2018, fueling optimism for a dovish pivot.
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