NEW YORK -Global stocks fell on Thursday as early gains faded, continuing the year-end downdraft into the first trading day of the new year, while the dollar hit a two-year high after economic data indicated the U.S. labor market remained on solid ground.The U.S. Labor Department reported that the number of Americans filing new applications for unemployment benefits dropped to an eight-month low of 211,000 last week, below the 222,000 estimate of economists polled by Reuters.
The dollar jumped to a two-year high on Thursday, building on the strong gains from 2024 as expectations remained intact that economic growth in the U.S. will outpace that of its peers, keeping the Federal Reserve on a slower interest rate-cut path., which measures the greenback against a basket of currencies including the yen and the euro,rose 0.67% to 109.27, after climbing to 109.54, its highest since Nov. 10, 2022.
Stocks had stumbled heading in to the end of the year, denting a year-long rally fueled by growth expectations surrounding artificial intelligence, anticipated rate cuts from the Federal Reserve, and more recently, the likelihood of deregulation policies from the incoming Trump administration.
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