Unemployment claims drop
For the first time since January, the number of Americans filing for unemployment claims fell in the past week according to reports from the Labor Department. The number of initial claims in the week ending July 4 fell 52,000 to 565,000.

Citigroup reshuffles management
Citigroup announced its biggest changes in management since the start of the economic crisis as it faces intense government pressure to improve performance. The bank replaced its chief financial officer with John Gerspach. The bank has received $45 billion in aid from the government since last fall, part of which is being converted to a 34 percent equity stake in the bank.

Warren Buffet thinks second stimulus may be needed
Warren Buffett said in an interview with ABC News on Thursday that unemployment figures could rise to 11 percent and a second stimulus package might be needed as the economy battles the recession. I think that a second one may well be called for, Warren Buffett said.