MARKETS / FINANCE

The number of extremely rich people living in the United States declined by 18.5 percent in 2008 as the economic crisis took hold, according to a new report.

Hewlett-Packard strengthens its storage capabilities with its acquisition of Billerica, Mass.-based IBRIX Inc provider of enterprise-class file serving software.

American International Group Inc filed a shelf registration statement with U.S. regulators on Friday, giving it the capability to issue common or preferred stock in the future.

The House Intelligence Committee said on Friday it was launching a formal investigation into the concealment of a secret CIA program from Congress that one senator said was withheld on orders from former Vice President Dick Cheney.

Nokia has set focus to let its Symbian Professional Services unit to be acquired by technology consultant firm Accenture.

Fortress Investment Group, among the largest private equity and hedge fund firms, is expected to name former Fannie Mae boss Daniel Mudd as its chief executive, the Wall Street Journal reported Friday, citing a person familiar with the matter.

CIT Group Inc is in talks with JPMorgan Chase & Co and Goldman Sachs Group Inc about short-term financing as it looks for ways to avoid bankruptcy, a source close to the company said on Friday, sending the lender's shares and bonds up.

Bank of America Inc. posted better than expected second quarter earnings of $3.2 billion on Friday. The bank's CEO, Kenneth Lewis, admitted it will be much tougher to make money in the second half of 2009 after the bank's current profits relied on one-time gains. Lewis anticipates more loan losses as the unemployment rate continues to rise.

U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co .

Wall Street, where hundreds of commodity traders lost jobs last year as the recession set in, is on a new hiring phase where banks and hedge funds want to pay top dollar but only to a few, highly productive people.

Goldman Sachs Group Inc has quietly reached an agreement to end a legal dispute with a blogger who will be allowed to keep running a website critical of the investment bank.

U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co .

U.S. stocks ended mixed on Friday, with the Dow and Nasdaq up and the S&P 500 down. Upbeat earnings results from IBM offset disappointing numbers from General Electric Co .

A U.S. court decided on Friday against tinkering with regulations governing telephone lines largely controlled by AT&T Inc and Verizon Communications Inc .

Citigroup Inc on Friday said loan losses surged again in the second quarter, yet gains from selling most of its Smith Barney brokerage helped the company report the highest profit among big U.S. banks.

Bank of America Corp, the largest U.S. bank, posted a quarterly profit that topped Wall Street forecasts but warned of a fresh surge in soured loans to credit card, mortgage and business customers.

With only 160 shopping days left, it's beginning to look a lot like Christmas in some stores.

Stocks were little changed on Friday, as stronger quarterly earnings from IBM Corp offset disappointing results from bellwether companies like General Electric Co and Bank of America Corp .

The Obama administration's $787 billion stimulus package is working despite rising U.S. unemployment and stabilizing the economy must take precedence over tackling the bloated deficit, a top White House economic adviser said on Friday.

Bank of America Corp and Citigroup Inc raised huge red flags on Friday with quarterly results that suggested the U.S. consumer remains sorely injured as the global recession drags on.

Stocks declined on Friday, snapping four straight days of gains after disappointing quarterly results from bellwether companies like General Electric and Bank of America .

Bernard Madoff's former outside accountant told a judge on Friday that he would waive his right to a criminal indictment on fraud charges, a sign he might reach agreement with prosecutors to resolve his case.

Ground-breaking for new U.S. homes jumped in June, with starts for single-family homes rising at the fastest rate in 4-1/2 years, the government said on Friday in a report that suggested the battered housing sector was beginning to stabilize.

Stocks fell on Friday on worry over the quality of corporate profits after General Electric Co missed quarterly revenue estimates, discouraging investors after a four-day run-up in Wall Street.

Oil rose above $63 a barrel on Friday, on track for its first weekly gain in a month, after U.S. housing data sparked optimism that a battered sector of the economy may be primed for recovery.

CIT Group Inc is in talks with JPMorgan Chase & Co and Goldman Sachs Group Inc for short-term financing of $2 billion to $3 billion as it looks for ways to avoid a potential bankruptcy, a source close to the company said on Friday.

Stocks fell on Friday on worry about earnings quality after General Electric Co missed quarterly estimates, discouraging investors after Wall Street's four-day rally.

Even if California Governor Arnold Schwarzenegger and top lawmakers quickly plug a $26.3 billion deficit to balance the state's budget, the state's weak revenues signal that a new shortfall will emerge.