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Wall Street surges for second day as China fears fade

- Wall Street rallied on Thursday as investors grew optimistic that the worst of recent market turmoil was over after strong U.S. economic data and hints that a September interest-rate hike was unlikely.

Recent Business News

China official blames Fed for global market rout, not yuan

BEIJING - Concerns over a possible U.S. rate rise by the Federal Reserve may have sparked a global stock market rout rather than the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday.

1:43pm EDT

August U.S. auto sales seen down 3.9 percent: JD Power/LMC

DETROIT - This week's fall in equities markets is not expected to have a major impact on August U.S. auto sales, industry consultants J.D. Power and LMC Automotive said on Thursday.

1:06pm 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.

U.S. leaning against regulatory relief for three banks in Libor scandal

WASHINGTON - The U.S. Labor Department is leaning toward denying requests for regulatory relief by three big foreign banks that pleaded guilty to manipulating Libor interest rates but want to keep managing retirement accounts for clients.

Pending home sales rise in July

WASHINGTON - Contracts to buy previously owned U.S. homes rose less than expected in July, but continued to suggest upward momentum in the housing market recovery.

10:03am EDT

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