UNITED STATES

U.S. and European stocks hit more than one-year closing highs on Thursday after better-than-expected U.S. jobless claims and durable goods orders drove optimism that the economic recovery is gaining hold, while the dollar slipped after a recent rally.

The top U.S. housing regulator said on Thursday it approved 2009 pay packages of up to $6 million each for the chief executives of government-controlled mortgage giants Fannie Mae and Freddie Mac .

New orders for long-lasting U.S. manufactured goods, excluding transportation items, surged in November and new applications for jobless aid hit the lowest level in 15 months last week, pointing to a firmly entrenched economic recovery.

General Motors Co is pressing ahead with plans to shut down Saab as chances of a deal to sell the Swedish brand to Dutch sports car builder Spyker Cars remain remote, a person familiar with the planning said on Thursday.

(James Saft is a Reuters columnist. The opinions expressed are his own)

U.S. stocks rallied in a brief pre-holiday session on Thursday after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was picking up steam.

At least 23 people died in attacks across Iraq on Thursday, including a provincial leader and pilgrims observing a major Shi'ite religious ritual, police and officials said.

China denounced foreign diplomatic meddling in the trial this week of Liu Xiaobo, a dissident facing up to 15 years in prison for authoring works calling for greater civil and political freedoms.

The U.S. Senate approved President Barack Obama's landmark healthcare overhaul on Thursday, backing sweeping changes in the medical insurance market and new coverage for tens of millions of uninsured Americans.

Following an emotional 5 year battle, David Goldman has been reunited with his 9-year old son, Sean, after his wife at the time, took him to Brazil and never came back.

U.S. copper futures strengthened to near 15-month highs Thursday morning, driven by extended losses in the dollar,supply threats in Chile, and pre-holiday momentum buying. For detailed report on global copper markets, click on [MET/L]

New orders for long-lasting U.S. manufactured goods excluding transportation surged in November, and applications for jobless benefits fell last week, pointing to a firmly entrenched economic recovery.

U.S. private equity firm Carlyle Group CYL.UL said it has talked to British waste management company Shanks Group (SKS.L) about a possible takeover offer.

General Motors Co emerged from a 40-day bankruptcy in July with a newfound zeal that things at the top U.S. automaker would never be the same

The debate over U.S. healthcare reform is full of terms familiar to lawmakers and lobbyists but often obscure to the public.

Procter & Gamble Co appears ready to expand The Art of Shaving -- the high-end shaving chain it purchased in June to provide a retail presence along with its Gillette brand.

U.S. stocks rose in a shortened preholiday session on Thursday after data showing a drop in initial jobless claims and growth in durable goods orders indicated an economic recovery was gaining traction.

Warren Buffett is in talks to buy the troubled residential mortgage company Residential Capital, a unit of GMAC, the New York Post said, citing sources.

U.S. stock index futures pointed to a higher open on Thursday after data showed that jobless claims fell to their lowest level since September 2008, a sign of an improving labor market.

U.S. stock index futures were higher on Thursday as the dollar weakened and investors awaited data that was expected to show improvement in durable good orders and the crucial labor market.

(Corrects the number that initial jobless claims are expected to fall to 10,000 from 15,000 in 3rd paragraph. The incorrect number was mentioned in an earlier stock market report)