U.S. stocks rallied yesterday for the second day in a row, with all three major indexes ending up more than one percent. The US share indices rose as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

The Dow Jones Industrial Average index gained one percent, the S&P 500 rose 1.2 percent and the Nasdaq Composite rose 1.1 percent.