Wall St. logs biggest two-day gain since financial crisis

- Wall Street rallied more than 2 percent on Thursday as strong U.S. economic data and hints that a September interest-rate hike was unlikely fueled optimism that the worst of recent market turmoil was over.

Recent Business News

Caterpillar Inc plans to cut 475 more jobs amid revenue decline

- Heavy machinery manufacturer Caterpillar Inc said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction activities erodes its bottom line.

3:41pm EDT

China official blames Fed for global market rout, not yuan

BEIJING - The global stock market rout of the past week was sparked by concerns over a possible interest rate rise by the U.S. Federal Reserve and not by the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday.

4:10pm EDT

Boeing hits 777X jet milestone, says program on schedule

- Boeing Co said on Thursday it has determined the basic design of its 777-9 jetliner, a key milestone that suggests it is on schedule to deliver the first of its new family of long-range 777X jets by 2020.

5:07pm EDT

McDonald's, Tyson Foods drop farm after videotape shows animal cruelty

LOS ANGELES - McDonald's Corp and Tyson Foods both severed ties on Thursday with a Tennessee farm where workers were seen stabbing, beating and stomping on chickens in an undercover video shot by animal rights activists.

4:50pm EDT

AIG seeking $1.76 billion in 'life settlements' trial in New York

NEW YORK - An American International Group Inc unit on Thursday asked a federal judge to order a Pennsylvania firm to pay it $1.76 billion in damages for allegedly overcharging for life insurance policies acquired from elderly individuals.


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