- 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. | Video
Recent Business News
- GameStop Corp said it expected robust revenue growth in the second half, helped by a strong slate of video game releases and growth in its mobile and consumer electronics businesses.
- 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.
- Teen apparel retailer Aeropostale Inc reported a loss for the 11th straight quarter as it discounted heavily to clear older inventory and closed many unprofitable stores.
- Tiffany & Co posted a 15 percent drop in quarterly earnings due to a strong dollar and the cost of developing and bringing out new products, sending shares of the luxury jeweler to an 18-month low. | Video
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.