IBT Staff Reporter

Oil surged to 2-1/2-year highs near $120 a barrel on Thursday as the revolt in Libya choked exports, then eased as Saudi Arabia assured European refiners the kingdom could step in to fill any supply shortfalls.

The space ship successfully launched into orbit and reached for the stars one last time.

New claims for jobless aid fell last week, indicating labor market healing, but declines in new home sales and orders for a range of factory goods in January showed the recovery remains uneven.

Target Corp expects the pace of sales growth at established stores to double this year and predicted that entering Canada in 2013 and its branded credit card discount program could help it reach annual sales of $100 billion within seven years.

The Air Force will announce on Thursday the winner of an epic $35 billion procurement battle between Boeing and Airbus over 179 aerial refueling planes, its third attempt to start replacing a fleet of planes built before man first landed on the moon.

Oil sank from 2-1/2-year highs near $120 a barrel on Thursday in strong, late-day profit-taking following an unsubstantiated rumor Muammar Gaddafi had been shot and Saudi Arabia's assurances it can counter Libyan supply disruptions.

Bruised but not bowed, bulls staged a rebound on Thursday and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally.

A senior U.S. Federal Reserve official said on Thursday he thinks it is time to consider tapering off or scaling back a $600 billion bond-buying program because of an improved economic outlook.

Boeing Co has won a contract to build new refueling planes for the U.S. Air Force, beating out Europe's EADS, the Pentagon said on Thursday.

Toyota Motor Corp said on Thursday it was recalling nearly 2.2 million vehicles over the risk that the accelerator pedal could be trapped by loose or misplaced carpet on the driver's side.

Dirk Kuyt's 86th minute header against Sparta Prague sent Liverpool into the last 16 of the Europa League with an aggregate score of 1-0.

Boeing Co has won a contract to build new refueling planes for the U.S. Air Force, beating out Europe's EADS, the Pentagon said on Thursday.

General Motors Co posted fourth-quarter results that topped Wall Street expectations, but its shares fell below their IPO price as investor concerns shifted to the pressure from rising oil prices and higher costs of launching and selling new cars.

Satellite television provider Dish Network Corp's posted bigger-than-expected subscriber losses for the fourth quarter as many customers canceled their service after a dispute with Fox Network in October blacked out sports programs.

WikiLeaks founder Julian Assange, who rocked the U.S. government by publishing thousands of secret diplomatic memos, must be extradited to Sweden to face sex crimes allegations, a British judge ruled on Thursday.

When Oscar organizers unveiled their promotional campaign, You're Invited, they weren't kidding -- at least where Web audiences are concerned.

U.S. regulators' efforts to settle with banks over improper mortgage foreclosures are being hampered by infighting among the groups involved in the talks, and a settlement may take a while, according to sources familiar with the matter.

Months ahead of its November release, Bathesda offers a peek at the title's new gameplay elements.

Citing Connection and storage factors, Microsoft says that a small minority of phones were affected.

A Saudi college student was arrested in Texas yesterday and charged with planning terror attacks in the United States.

Taylor Swift recently posted a video diary on her website, documenting her recent tour in Asia city by city.

Bruised but not bowed, bulls staged a rebound on Thursday and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally.

U.S. regulators' efforts to settle with banks over improper mortgage foreclosures are being hampered by infighting among the groups involved in the talks, and a settlement may take a while, according to sources familiar with the matter.

Oil surged more than 7.5 percent to its highest since August 2008 on Thursday on concern that uprisings in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia.

Procter & Gamble Co will raise some prices as it absorbs higher commodity costs and its sales goal may be under pressure if business does not improve in the United States and other developed markets, Chief Financial Officer Jon Moeller said.

The Dow and S&P 500 closed down but well off the day's lows in a volatile session on Thursday, suggesting investors aren't ready to give up on the market's rally.

U.S. stocks fell for a third day on Thursday as U.S. crude oil prices hovered near $100 a barrel on violence in Libya.

The S&P 500 index on Thursday violated a trendline dating back to August as U.S. equities continued to struggle amid escalating oil prices and fears of violence spreading further across North Africa and the Middle East.

Mid-tier department store operator Kohl's Corp expects more sales gains this year, while discount retailer Target Corp said fewer shoppers are defaulting on their credit card debt -- signs that consumers' finances are getting better, slowly.