IBT Staff Reporter

The Obama administration wants limits on vehicle features that allow drivers to text and make cellphone calls while the car is moving, the centerpiece of a broader effort to curb distracted driving.

The S&P 500 hit its highest level in nine months on Thursday as the U.S. economy showed further signs of recovery and optimism grew that a Greek bailout deal would be agreed next week.

Discovery Communications posted a higher-than-expected fourth-quarter profit on Thursday, helped by strong advertising and carriage fee growth at its domestic and international cable television networks.

The Dow Jones Industrial Average rose 0.76 percent to 12,884.75 by early afternoon trading, while the Nasdaq rose 1.01 percent to 2,945.17. The S&P 500 rose 0.83 percent to 1,354.37.

General Motors Co's ability to raise U.S. vehicle prices and better-than-expected pension returns offset weakness in the fourth quarter in Europe and South America, sending shares up more than 6 percent.

Greece and its international lenders have agreed on how to achieve budget cuts worth 325 million euros this year, one of their last demands in return for sealing a 130-billion euro rescue, Greek government sources said on Thursday.

Wall Street stocks rose on Thursday on the latest signs of an improving U.S. economy and optimism a Greek bailout deal would be agreed next week.

Shares of Ancestry.com Inc slumped 19 percent on Thursday, making them among the biggest percentage losers on the Nasdaq, after the company forecast slower growth in subscriber additions for 2012, its second consecutive year of decline.

The Obama administration wants automakers to put limits on vehicle technologies that permit texting and cellphone calling when a car is moving, as part of a broader effort to stop driving behaviors that could be distracting and cause crashes.

Stephen Roach, Morgan Stanley's former chief economist and a well-known fixture on Wall Street, is retiring from the firm, according to a memo sent to employees on Thursday.

Greece said on Thursday it had found extra budget savings demanded by its international lenders, suggesting a new rescue package is within reach even though acrimony simmered between Athens and its European partners.

Discovery Communications posted a higher-than-expected fourth-quarter profit on Thursday, helped by strong advertising and carriage fee growth at its domestic and international cable television networks.

Wall Street stocks rose on Thursday, with the Dow rebounding from its sharpest loss of the year, but gains were limited despite signs of an improving U.S. economy.

New claims for unemployment benefits unexpectedly fell last week to a near four-year low, a government report showed on Thursday, suggesting the labor market was finally strengthening.

Producer prices outside food and energy recorded their largest increase in six months in January, but are unlikely to ignite inflation pressures given the slack in the labor market.

General Motors Co posted a weaker-than-expected fourth-quarter profit as disappointing performance overseas offset strong results in North America.

Chemicals maker Huntsman Corp's fourth-quarter profit narrowly beat Wall Street's expectations, helped by higher prices for chemicals used to make insulation and paint.

Shares of Nvidia Corp slipped 6 percent before the bell on Thursday, after it scaled back sales expectations for its Tegra 3 processors used in mobile devices and warned that delays at its contract manufacturer were hurting sales of its PC graphics chips.

Moody's warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the euro zone government debt crisis is spreading throughout the global financial system.

Chief Executive Officer Tim Cook told the Wall Street Journal that the Cupertino, Calif.-based company's new Macintosh operating system, dubbed the Mountain Lion, will use several different features from the iPhone.

Online social networks cannot be forced to block users from downloading songs illegally, as this would push up their costs and infringe privacy, Europe's highest court said on Thursday, adding to a worldwide debate on internet policing.

Moody's warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the euro zone government debt crisis is spreading throughout the global financial system.

MillerCoors, the second-largest brewer in the United States, posted a 32.5 percent jump in fourth-quarter net income as price rises and cost savings offset soft industry beer volumes.

The weak economic recovery has made it harder for banks to make money from loans but the financial conditions of smaller institutions appear to be solidifying, Federal Reserve Chairman Ben Bernanke said on Thursday.

General Motors Co posted a weaker-than-expected fourth-quarter profit as disappointing performance overseas offset strong results in North America.

Wall Street stocks were set to open little changed on Thursday as concerns about a possible downgrade of global banks by Moody's were offset by upbeat U.S. data on the labor and housing sectors.

Moody's warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the euro zone government debt crisis is spreading throughout the global financial system.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week to a near four-year low, suggesting the labor market recovery was gaining steam.

Nestle echoed the cautious outlook for 2012 of other global food makers on Thursday as it said it was banking on new markets and products to put it ahead of the field after it posted forecast-beating 2011 sales growth.