- 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
- 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.
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.
- 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.
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.
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.