IBT Staff Reporter

U.S. stock indexes fell as much as 2.4 percent on Friday after consumer sentiment fell to an 11-month low and consumer prices fell, while GE and two big U.S. banking companies missed quarterly revenue expectations.

Consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, a private survey released on Friday showed.

Consumer prices fell for a third straight month in June due to lower energy costs, according to a government report on Friday that pointed to subdued inflation pressures amid sluggish domestic demand.

The number of people feeling stuck in their jobs rose as the recession put promotions on hold and crippled the job market.

Faced with a lose-lose proposition, Congress put off its decision on the fate of mortgage finance companies Fannie Mae and Freddie Mac, perhaps hoping the housing market recovers before losses get too big.

Royal Bank of Scotland may pursue Goldman Sachs for hundreds of millions of dollars to add to $100 million it got as part of a settlement over the marketing of a subprime mortgage product.

Mattel Inc reported a smaller-than-expected quarterly profit as lackluster cost-cutting and a weakening euro offset strong Hot Wheels sales and the boost the company got from merchandise tied to the blockbuster film Toy Story 3.

Consumer prices fell for a third straight month in June due to lower energy costs, according to a government report on Friday that pointed to subdued inflation pressures amid sluggish domestic demand.

Banking supervisors published draft rules on Friday that will force banks around the world to build up extra capital in a boom, but gave no hint of what level of funds lenders would be required to hold.

U.S. consumer prices fell for a third straight month in June due to lower energy costs, according to a government report on Friday that pointed to subdued inflation pressures amid sluggish domestic demand.

Consumer prices fell for a third straight month in June due to lower energy costs, according to a government report on Friday that pointed to subdued inflation pressures amid sluggish domestic demand.

(Corrects year-earlier Bank of America profit to $3.2 billion in third paragraph from bottom)

U.S. stocks slumped on Friday after Bank of America, Citigroup and bellwether GE reported disappointing revenues and the consumer mood darkened on resurgent fears about the economy.

(Corrects year-earlier Bank of America profit to $3.2 billion in third paragraph from bottom)

Mobile phone maker Sony Ericsson pinned its hopes on further growth in the smartphone segment on Friday as it posted a second consecutive quarterly profit, driven by sales of the more expensive gadgets.

Half of Americans who have a profile on social networking sites such as Facebook and MySpace are worried about their privacy, according to a new poll.

Mattel Inc reported a smaller-than-expected second-quarter profit as the impact of the weaker euro offset strong Hot Wheels and Barbie sales and the boost the No. 1 toymaker got from its license for the Hollywood blockbuster Toy Story 3.

Stress tests on European banks should not reveal any major problems among the big names, top officials said on Friday, saying the financial health check will be transparent and ease worries among investors.

Stock index futures pointed to a lower open on Friday after Citigroup and Bank of America as well as bellwether GE posted disappointing revenues, underscoring corporate America's struggles against economic headwinds.

Stock index futures were little changed on Friday after General Electric Co's and Bank of America's profits topped expectations but revenues declined, underscoring corporate America's struggles against headwinds in the economic recovery.

Mattel Inc reported a smaller-than-expected quarterly profit as the impact of the weaker euro and disappointing cost-cutting efforts offset strong Hot Wheels sales and the boost the company got from its license for the Hollywood blockbuster Toy Story 3.

U.S. video games producer Electronic Arts Inc is selling out of Ubisoft Entertainment SA six years after buying a big chunk of the world's third-largest independent video games publisher.

Bank of America Corp , the largest U.S. bank by assets, reported higher-than-expected second-quarter profit as credit costs declined.

General Electric Co reported a 16.1 percent rise in profit, topping analysts' expectations and ending a streak of nine quarters of decline, on strong demand for healthcare and oil and gas equipment.

Stock index futures were higher on Friday after quarterly profits from General Electric Co and Bank of America Corp topped estimates as earnings season heated up.

Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed.

Analysts flagged Google Inc's aggressive spending and a spike in headcount that led to the search giant missing profit estimates for the first time in two years.

Embargo stricken Iran said it could become one of the largest gasoline exporters in a few years after commissioning several oil refineries by the end of this year. According to country's petroleum ministry, Iran hopes to become one of the largest gasoline exporters in the region and the world in 2-3 years time.

India's gold imports are likely to improve this year from the 2009 level. According to reports, India is likely to import 500-550 tonnes of gold in 2010, up from 480-490 tonnes from a year earlier, and prices of the yellow metal are expected to remain firm.