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WASHINGTON (Reuters) -The number of Americans filing new applications for jobless benefits fell more than expected last week, almost reversing the prior two weeks' increases and suggesting that a gradual labor market slowdown remained in place. Other data on Thursday showed the economy grew faster than previously estimated in the third quarter, driven by robust consumer spending. The upbeat reports came a day after the Federal Reserve delivered a third consecutive interest rate cut, but projected only two rate reductions in 2025, citing the economy's continued resilience and still-elevated inflation.

Vertex said the Phase II trial met its primary endpoint, however there was only a minor difference to placebo.

The International Monetary Fund views Wednesday's Federal Reserve interest rate cut and adoption of a more cautious outlook as appropriate given high U.S. economic uncertainty, IMF spokesperson Julie Kozack said on Thursday. "Data from the last few months shows that the labor market continues to cool at the same time that inflation has been somewhat higher than expected, but still trending down toward the target," Kozack told a news briefing. "So with this background, we see the Fed's action as appropriate."

Alongside the rising adoption and value of crypto assets, theft is also on the rise. This year, the total value of cryptocurrency stolen surged 21%, reaching a substantial $2.2 billion. And according to a Chainalysis report released on Thursday, more than half of this amount was stolen by North Korea-affiliated hacking groups. Earlier this year, the United Nations Security Council said that North Korean hackers stole $3 billion in cryptocurrency assets between 2017 and 2023. In 2024, hackers lin

The Federal Reserve Bank of Philadelphia said on Thursday that its monthly manufacturing index fell for a second straight month to negative 16.4 - the lowest since April 2023 - from negative 5.5 in November. The regional report from the Philly Fed suggests the factory sector, accounting for just over 10% of the economy, is continuing to struggle finding its footing in the wake of the Federal Reserve's interest rate hikes in 2022 and 2023. While the Fed has shifted to rate cuts in the last half of this year, it is not expected to ease that much further from here and market-based measures of borrowing costs remain notably higher than they were in early 2022 and continue to exert pressure on investment.

Major U.S. indexes rallied at midday Thursday, rebounding from Wednesday's selloff as a report showed the U.S. economy expanded more than anticipated in the third quarter.

The U.S. stock market experienced a severe selloff Wednesday after Federal Reserve Chair Jerome Powell‘s comments triggered what CNBC’s Jim Cramer described as “incredible panic” in the markets. What Happened: “People throwing away good and bad. Typical index fund behavior,” Cramer wrote on X, specifically highlighting concerns about small-cap stocks’ performance. “And all of those people who loved the Small Caps (the Russell 2000?) now what??” Don’t Miss: Warren Buffett once said, "If you don't

If markets hope to recover from the sharp sell-off triggered by the Federal Reserve’s December meeting, Friday's release of the Personal Consumption Expenditure price index — widely regarded as the Fed’s preferred inflation measure — will play a crucial role. Unfortunately for investors, the outlook is far from reassuring. Scheduled for release at 8:30 a.m. ET Friday, economists expect the PCE price index to climb to 2.5% year-over-year in November 2024, up from 2.3% in October. This would mark

Shares of Darden Restaurants surged 14% Thursday as the company's second-quarter sales and adjusted profit beat expectations on strong LongHorn Steakhouse results.

Bhutan is one of the largest sovereign holders of bitcoin. Hyla Fund’s Paola Origel visits and finds a small landlocked country punching above its weight.