The recent rebound came after better-than-expected jobless claims helped soothe rising recession concerns.
Stocks dropped dramatically Monday amid mounting concerns about the overall health of the U.S. economy more than a year after the Federal Reserve hiked interest rates to their highest level in 23 years.
On Thursday, however, the Dow Jones Industrial Average closed with a gain of 683 points, or 1.8 percent, while the Nasdaq composite was up 2.9 percent. The S&P 500 gained 2.3 percent, its best day since November 2022, according to CNBC.
The Fed is widely expected to start cutting rates next month as inflation dropped closer to its 2-percent goal, clocking in at 3 percent year over year in June and dropping 0.1 percent, its first monthly decline since the pandemic.
But unemployment ticked up to 4.3 percent last month, according to the latest jobs report, and a string of worrying earnings reports by major companies during the second quarter fueled concerns.
While the latest jobless claims seem to have soothed a shaken Wall Street, there is concern that the so-called soft landing may be harder than expected.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
The latest moves in some of Washington’s biggest lobbying battles:
Former Rep. Peter Roskam (R-Ill.) registered to lobby on tax policies — including Tax Cuts and Jobs Act provisions, some of which expire in 2025 — on behalf of the Carlyle Group, one of the world’s largest private equity firms.
The Danish Ozempic maker Novo Nordisk hired a new firm to lobby for research and funding for their products, according to a new disclosure filed Thursday.
Cornerstone Government Affairs added a former deputy assistant secretary for public affairs at the Department of Homeland Security to the firm’s public affairs team. The Hill’s Taylor Giorno has more here.
Essential Reads
Key business and economic news with implications this week and beyond:
Senior White House officials attended a call with about a dozen cryptocurrency leaders Thursday morning in the latest overture by the Biden administration to the industry.
Walloped by bogus claims for the pandemic-era Employee Retention Tax Credit (ERC), the IRS says it’s ramping up audits and criminal investigations of suspected fraud.
The now defunct cryptocurrency exchange FTX and its sister company Alameda Research have been ordered to pay $12.7 million to their customers and fraud victims, the Commodity Futures Trading Commission (CFTC) announced Thursday.
Former President Trump tried to seize back the headlines and curb Vice President Harris’s election momentum Thursday with a long and characteristically rambling news conference at his Mar-a-Lago estate in Florida. Read more
The return of former President Trump’s Jan. 6 prosecution to District Court Judge Tanya Chutkan has ignited a flurry of activity in the once-dormant case, reviving a high-stakes court battle after a series of legal wins for the former president. Read more
Филиал № 4 ОСФР по Москве и Московской области информирует:
В Московском регионе свыше 11,3 тыс. неработающих родителей получают пособие по уходу за ребенком до 1,5 лет
Итоги в цифрах
«Ингосстрах» и «Будь Здоров» рассказали о профилактике заболеваний глаз
Команда СЛД «Узловая» филиала «Московский» компании «ЛокоТех-Сервис» заняла 2 место в соревнованиях по рыбной ловле
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