IBT Staff Reporter

The New York Federal Reserve said on Friday it bought $989 million of U.S. agency debt with maturities ranging from October 2016 to June 2018.

Chevron Corp , the second-largest U.S. oil company, posted a 37 percent drop in quarterly profit, missing analyst forecasts, as steep refinery losses offset gains from higher oil prices and production.

Apple unveiled its iPad tablet computer on Jan 27 amid much fanfare and anticipation.

Stocks retreated to near breakeven in choppy trade on Friday, paring earlier strong gains as worries about fiscal troubles buffeting Europe offset reassuring reports on the economy.

Stocks retreated to near breakeven in choppy trade on Friday, paring earlier strong gains as worries about fiscal troubles buffeting Europe offset reassuring reports on the economy.

The stock market turned mixed in mid-day trading after rising sharply on Friday as the technology sector continues to weigh while retail stocks were among the biggest gainers.

Technology shares slipped while the Dow industrials trimmed its gain and the S&P 500 was flat on Friday, with Apple the top drag on the Nasdaq.

Toyota said its global safety withdrawal would take up to 1.8 million vehicles off Europe's roads and rival Honda announced its own recall, placing the vaunted pedigree of Japan's carmakers under fresh scrutiny.

The competing agendas of House Republicans and President Barack Obama are set to clash on Friday.

Top bank regulator Sheila Bair said on Friday that proposed proprietary trading limits are very positive, but said they would not have necessarily reined in risk-taking at the institutions that required massive bailouts.

The White House has left open the possibility that alleged Sept. 11 mastermind Khalid Sheikh Mohammed may not be tried in Lower Manhattan as initially planned.

Japanese carmaker Honda Motor Co. announced Friday a voluntary worldwide recall of 646,000 cars following reports of defective parts of their window switch.

U.S. stocks rallied on Friday following better-than-expected data on the economy's growth and consumer sentiment, which suggested the recovery is taking hold, as well as stronger results in the tech sector.

Diversified U.S. manufacturer Honeywell International Inc set a first-quarter profit target that fell short of analysts' forecasts and its shares fell 4 percent.

Honda said it would recall a total 646,000 units of the Fit/Jazz and City models globally on Friday.

Toshiba Corp, Japan's biggest chipmaker, kept its outlook far below market estimates and flagged belt-tightening measures ahead after a stronger yen and sliding PC prices hurt quarterly profit.

Toyota Motor Corp faced U.S. Congress scrutiny over its biggest ever safety recall as rival Honda Motor Co, tipped to gain from Toyota's woes, also said it would recall thousands of cars worldwide.

A senior Federal Reserve official warned on Friday that the uncertain path of interest rates poses risks for banks inattentive to the match of durations among their assets and liabilities.

U.S. stocks rose on Friday after GDP data showed the economy grew at a much faster pace than expected in the fourth quarter, while business activity in the U.S. Midwest hit a four-year high in January.

The U.S. economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest in more than six years, as businesses made less-aggressive cuts to inventories and stepped up spending.

ING Group NV completed the sale of its Asian private banking unit to Singapore's OCBC, the biggest deal in the private banking sector since the financial crisis.

Former Prime Minister Tony Blair made a defiant defence of the 2003 U.S.-led invasion of Iraq Friday, saying the September 11 attacks in the United States meant Saddam Hussein had to be disarmed or removed.

The US stock market is recovering from its loss yesterday as better than expected Gross Domestic Product for the fourth quarter of 2009 was reported at 8:30 am in New York. The S&P 500 Index is up 6.93 points, or 0.64 percent, to trade at 1,091.46 at 10:01 a.m.

Federal authorities arrested a 26-year old man on Thursday for allegedly selling modified modems that gave buyers free access to the Internet.

Toyota Motor Corp faced scrutiny from Congress over its biggest ever safety recall as rival Honda Motor Co, tipped to gain from Toyota's woes, also said it would recall thousands of cars worldwide.

The U.S. economy grew more than expected in the last three months of 2009, growing at a better than expected annual rate of 5.7 percent in the fourth quarter, the U.S. government reported today.

Amazon.com Inc blew past analysts' profit estimates in its closely watched holiday quarter and forecast revenue for early 2010 that topped already-high Wall Street expectations.

World number one air bag and seatbelt maker Autoliv expects sales will rise strongly this year on demand from China and North America, as it posted above-forecast fourth-quarter earnings, sending its shares higher.

LaBranche & Co Inc, the New York Stock Exchange market maker, said it plans to buy back up to 15 million common shares at $4.60 a share through a tender offer.