Stocks rise a second day | GDP fell 0.9% in the second quarter | Apple’s earnings are here

The three major averages rose on Thursday, despite the slump in U.S. economic growth.

VIEW IN BROWSER | SUBSCRIBE THU, JUL 28, 2022 EVENING BRIEF AS OF THU, JUL 28, 2022 • 05:11 ET DJIA 32529.63 +1.03% +332.04 S&P 500 4072.43 +1.21% +48.82 NASDAQ 12162.59 +1.08% +130.17 Most Active DOW NAME LAST CHG %CHG AAPL 157.35 +0.56 +0.36% INTC 39.71 -0.47 -1.17% MSFT 276.41 +7.67 +2.85% S&P 500 NAME LAST CHG %CHG F 14.00 +0.81 +6.14% AMD 91.67 +1.85 +2.06% AMZN 122.28 +1.31 +1.08% NASDAQ NAME LAST CHG %CHG AMD 91.67 +1.85 +2.06% AMZN 122.28 +1.31 +1.08% AAPL 157.35 +0.56 +0.36% EDITOR'S NOTE Stocks rallied for a second consecutive day, cutting earlier losses as investors digested a slight economic contraction and got more comfortable with the Federal Reserve's rate hiking plans.   The major averages took a brief tumble following the highly anticipated release of gross domestic product data for the second quarter. The reading showed a decrease of 0.9% and marked two consecutive quarters of negative GDP. Later, the market reversed its losses as investors came around to the possibility that if the economy entered a recession, it could be mild. Against that backdrop, investors also digested company earnings. Meta Platforms posted disappointing results late Wednesday. Stanley Black & Decker also fell short of analysts' expectations. Meanwhile Honeywell, Etsy and Ford Motor's results came in better than anticipated.   Legislation was a catalyst for some of the most notable market moves Thursday. Solar stocks soared after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., reached a deal on climate spending.   Sunrun and Sunnova were some of the biggest gainers, climbing nearly 30% and 28%, respectively.  Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks rally for a second day as investors look past recession worries, Dow jumps more than 300 points GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal Yellen says the economy is not in a recession despite GDP slump House passes bill to boost U.S. chip production and China competition, sending it to Biden Here are the top defensive plays from heavy-hitter investors as recession fears grow JetBlue won the battle for Spirit. Now it has to win over Biden's Justice Department Solar stocks jump as Schumer, Manchin announce climate spending deal The economy may look like it's in recession, but we still don't know for sure Former Trump White House chief of staff Mick Mulvaney meets with Jan. 6 Capitol riot committee Apple beats on revenue and profit, expects growth to accelerate despite 'pockets of softness' TOP VIDEO I'm telling clients it does not matter if we're in a recession, says Neuberger Berman's Kroft CNBC PRO Energy companies expect record profits again as strained supplies lift oil and gas prices SPECIAL REPORTS U.S. economy continues to shrink and many aren't prepared for an economic downturn. Here's what advisors are telling clients as recession fears grow The cost to borrow is very expensive. Here are the best money moves to make after the Federal Reserve's interest rate hikes Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS