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Stock Market News: Regional banks rally, Rite Aid plummets, travel debacle continues in Northeast

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Markets have shown renewed optimism after regional banks passed the Federal Reserve's annual stress test. Initial jobless claims cools as economy remains resilient to the Federal Reserve's interest rate hiking campaign. Electric vehicle rollout continues to put pressure on limited resources. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

Norfolk Southern’s CEO has spoken often of safety and better service since he took the job over a year ago, but it’s safety that has dominated discussions after one of his trainsAlan Shaw has said his plans include adding more detectors to spot mechanical problems and has hailed cooperation with unions. ButShaw has told The Associated Press in an interview of details on his plans for the railroad. He says, “I need all 20,000 voices at Norfolk Southern pushing for safety.

Applications for unemployment benefits fell significantly last week after it appeared claims had reached a modestly elevated level in recent weeks.fell by 26,000 to 239,000 for the week ending June 24, the Labor Department reported Thursday. The four-week moving average of claims, which evens out some of the weekly fluctuations, rose by 1,500 to 257,500. Jobless claims applications are seen as representative of the number of layoffs in a given week.US economic growth last quarter is revised up sharply to a 2% annual rate

 

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