The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserve’s aggressive interest rate hikes meant to cool the economy and taper lingering inflation. Unemployment claims rose by 5,000 to 217,000 for the week ending Oct. 28, the Labor Department reported Thursday. Jobless claim applications are seen as representative of the number of layoffs in a given week. Overall, 1.
NEW YORK — A New York jury has begun deliberating whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers’ accounts on the cryptocurrency exchange. The jury began deliberating in Manhattan federal court on Thursday afternoon after a judge explained the law that will steer them through seven charges lodged against the 31-year-old California man.
NEW YORK — Wall Street roared higher, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates. The S&P 500 jumped 1.9% Thursday. The Dow added 564 points, and the Nasdaq composite climbed 1.8%. Stocks around the world leaped after the Federal Reserve late Wednesday hinted that a recent jump in Treasury yields may be acting like a rate-hike substitute.
NEW YORK — The National Retail Federation, the nation’s largest retail trade group, expect shoppers will spend more this year than last year, but their pace will slow given all the economic uncertainty. The group said Thursday that it expects holiday sales to be 3% to 4% for November through December, compared with 5.4% growth of a year ago. Sales for the two-month period will increase to between $957.3 billion and $966.6 billion.
LOS ANGELES — The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb —- modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan fell to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.
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