IBT Staff Reporter

Oil prices extended a three-day rally to above $73 a barrel on Thursday on hopes for a recovery in world energy demand and worries refinery shutdowns could tighten U.S. gasoline supplies before summer driving season.

The Federal Reserve must work to keep 30-year fixed mortgage rates at historically low levels for the next year or the economy will remain in recession, according to a group of chief executive officers from leading U.S. companies.

U.S retail sales rose for the first time in three months in May and the number of workers filing new claims for jobless benefits last week hit the lowest level since January, fostering hope the recession was abating.

New York City plans to use more than $200 million of federal stimulus funds for Recovery Zone Facility Bonds to spur stalled industrial and commercial projects, Mayor Michael Bloomberg said on Wednesday.

Bank of America Corp. chief executive testified on Thursday before the House Committee on Oversight and Government Reform as they probed the bank’s purchase of Merrill Lynch

The Obama administration stepped up efforts on Thursday to push for measures to tie executive pay at all publicly traded companies more closely to performance, but faced some skepticism from lawmakers.

Stocks rose on Thursday as rising oil and other commodity prices lifted energy stocks, while retail sales and weekly jobless claims data bolstered optimism for an economic recovery.

News Corp's MySpace refused to comment on Thursday on a report the previous day that said the online social network will fire a massive number of employees.

The co-founder and former chief executive of Tesla Motors sued the company and its current CEO Elon Musk for libel, slander and breach of contract but the company says the lawsuit is fictionalized and inaccurate.

News Corp's MySpace refused to comment on Thursday on a report the previous day that said the online social network will fire a massive number of employees.

The spread of the ‘swine flu’ also known as the H1N1 flu strain, was officially declared a pandemic on Thursday by the World Health Organization whose director said perhaps her greatest concern is how the virus will behave in the developing world.

AOL has struck deals to acquire two small start-up companies focused on local online media, Patch Media Corp and Going Inc, ahead of its separation from Time Warner Inc.

President Barack Obama took his push for healthcare to the U.S. heartland Thursday, calling the current system unsustainable and vowing not to tolerate

U.S. retail sales rose for the first time in three months in May and the number of workers filing new claims for jobless benefits last week hit the lowest level since January, suggesting the recession was abating.

U.S. retail sales rose for the first time in three months in May and the number of workers filing new claims for jobless benefits last week hit the lowest level since January, suggesting the recession was abating.

U.S. aircraft maker Boeing has slashed its forecasts for new plane demand due to the industry downturn, and said it was focused on delivering existing orders rather than chasing new ones.

Hewlett-Packard Co, the world's biggest PC maker, will help sell online backup services from Symantec Corp, which is looking to expand its consumer business beyond its line of Norton security products.

Swedish luxury carmaker Koenigsegg and Norwegian investors have struck a preliminary deal to buy General Motors' Swedish unit Saab, a source familiar with the matter said on Thursday.

Qualcomm Inc raised its current-quarter profit and revenue targets on stronger sales of mobile phone chips, but its warning that shipments would fall next quarter dampened investor enthusiasm.

U.S. lawmakers accused the Treasury and Federal Reserve on Thursday of using threats and intimidation to force Bank of America to take over Merrill Lynch, a charge Bank of America Chief Executive Ken Lewis denied.

U.S. stocks extended gains on Thursday following a strong 30-year bond auction from the U.S. Treasury Department.

Stocks extended gains on Thursday following a strong 30-year bond auction from the U.S. Treasury Department.

Iraq's government said on Thursday that violence would increase before a parliamentary election due in January, a day after a car bomb killed at least 33 people at a marketplace in the country's south.

Microsoft's security chief and a veteran of Clinton's and Bush's national security teams are leading candidates for cybersecurity czar, a job that needs White House access and clout to protect networks that underpin the U.S. economy.

Oil prices extended a three-day rally to near $73 a barrel on Thursday on rising hopes the recession has bottomed out, spelling a recovery in ailing world energy demand.

U.S. retailer Macy’s Inc., which operates a chain of 840 stores nationwide, said Thursday it will open two new Macy’s stores in the Central Valley of California ahead of the holiday shopping season.

North Korea has suspended visas for tourists from Britain, a Beijing-based travel agency said, citing the state-run travel company.

Iran and North Korea have worked together and made significant progress on ballistic missiles that could carry deadly warheads, the head of the Pentagon's Missile Defense Agency said on Thursday.

Qualcomm Inc raised its quarterly profit and revenue targets as it forecast better-than-expected mobile phone chip sales, but said it remains cautious due to the weak economy.