The US financial and political landscape was active on Thursday, with developments spanning high-profile legal battles, renewable energy disputes, labor market data, and a strong session for equities.
New York’s attorney general is pushing to reinstate a $464 million fraud penalty against former President Donald Trump, while renewable energy developer Orsted and two states are suing the Trump administration over a blocked $6 billion wind project.
On Wall Street, Amazon led gains in the S&P 500 following a funding boost for AI startup Anthropic, while fresh labor data showed unemployment claims climbing to a two-month high.
NY appealing dismissal of Trump’s $464M fraud penalty
New York Attorney General Letitia James filed an appeal on Thursday seeking to reinstate a nearly half-billion-dollar penalty against President Donald Trump and the Trump Organization.
The New York Court of Appeals will review the case after an intermediate court vacated the $464 million civil fraud fine last month, ruling it was excessive.
The appeals court did, however, uphold a finding that Trump inflated the value of his assets for years to secure favorable loans.
Both sides are now contesting the decision: James is pressing to restore the penalty, while Trump is seeking to reverse his liability and challenge sanctions, including a temporary ban on him and his sons serving as corporate officers in New York.
A resolution could take months.
Orsted and US states sue Trump administration over blocked $6B wind project
Danish offshore wind developer Orsted, along with the states of Rhode Island and Connecticut, has filed lawsuits against the Trump administration over its decision to halt construction of the $6 billion Revolution Wind project.
The US Interior Department froze work last month, citing national security concerns, stopping progress when the project was already 80% complete with 45 of 65 turbines installed.
Plaintiffs argue the stop-work order is unlawful, lacks evidence, and was issued without statutory authority.
Connecticut Attorney General William Tong called the decision “erratic and reckless governing,” while Rhode Island is expected to join with a parallel suit.
US jobless claims climb to the highest level since June as labor market cools
New filings for unemployment insurance reached 237,000 in the week ended August 30, the highest level in more than two months, according to the Labor Department.
That was above economists’ forecasts of 230,000 and marked an 8,000 increase from the prior week.
The four-week moving average rose to 231,000, its highest since July.
Continuing claims held steady at 1.94 million. Connecticut and Tennessee reported some of the largest increases in unadjusted claims.
The data reinforced signs that the labor market is losing momentum, with traders watching closely ahead of Friday’s key nonfarm payrolls report.
US Market Close
Despite weaker employment data, US stocks rallied on Thursday as investors anticipated that softer labor conditions could bolster the case for a Federal Reserve rate cut later this month.
The S&P 500 gained 0.83%, the Nasdaq Composite advanced by 0.98%, and the Dow Jones Industrial Average added 350 points, or 0.77%.
Amazon shares rose more than 4% on Thursday, making it one of the day’s best performers in the S&P 500. The gains followed news that artificial intelligence startup Anthropic, in which Amazon has invested heavily, secured a significant new funding round.
Treasury yields eased following the ADP private payrolls report, which showed fewer-than-expected job gains.
Market sentiment was lifted by expectations that slowing—but not collapsing—labor conditions give the Fed room to adjust policy without triggering recession fears.
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