Wall Street retreated Friday as investors contended with wider-than-expected losses at insurer American International Group Inc. and another worrisome spike in oil prices. The Dow Jones industrial average at times gave up nearly 150 points.
Wheat futures fell sharply Friday after the government forecast increased U.S production and a record global crop, while corn futures surged to a new high on continuing concerns about the weather.
A government-backed mortgage bailout is needed, and it must be done right away.
Guinness beer owner Diageo PLC rattled an Irish icon Friday, announcing plans to lay off more than half of its brewery workers, close two breweries and shift most production to a new, high-tech plant in the Dublin suburbs by 2013.
Jon Edwards often manages what appears impossible. He has recovered precious data from computers wrecked in floods and fires and dumped in lakes.
Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company.
Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.
Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets.
ArcelorMittal, the world's largest steelmaker, filed a lawsuit against steelmaker Esmark over the aborted sale of a steel mill near Baltimore.
Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising.
