China reported its economy expanded at a 7.9% annual rate in the last quarter, down from 18.3% in January-March. But that reflected a leveling off of its relatively early recovery from the pandemic.
On Wall Street, the S&P 500 SPX, +0.12% eked out a 0.1% gain, to 4,374.30, after recovering from an early stumble and then losing much of its momentum by late afternoon, as a rally in technology stocks was kept in check by a slide in banks and energy companies. The benchmark index recovered some of its losses from a day earlier, but finished just short of its all-time high set on Monday.
Investors had a mixed reaction to a new batch of earnings news from banks, airlines and other companies, as well as the latest report showing another rise in inflation. They also kept an eye on the latest comments on inflation from the Federal Reserve chair, who reaffirmed the Fed’s view that the surge in costs across the economy is temporary.
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