IBT Staff Reporter

The sense of freefall for the U.S. economy is likely to end in the middle of the year, though the road to recovery could take some time, Lawrence Summers, U.S. President Barack Obama's top White House economic policy aide, said on Thursday.

El Salvador is a country in Central America and, geographically, is part of continental North America. It is bordered on the southwest by the Pacific Ocean, and lies between Guatemala and Honduras.

The UN International Fund for Agricultural Development(IFAD)announced Wednesday a new project which provides a $14.98 million loan to modernize El Salvador’s agriculture.

Sales at U.S. retailers declined less than expected in March in a sign that shoppers may be regaining confidence to open their wallets after more than a year of recession.

Waste Management Inc. the biggest company in the U.S. that transports trash is in talks to build and operate waste-to-energy plants in China.

The number of U.S. workers filing new claims for unemployment benefits fell last week, government data showed on Thursday, but was still at levels indicating the labor market's contraction has yet to hit bottom.

Stocks jumped on Thursday after Wells Fargo said it expects to report a record quarterly profit, fueling a month-long rally prompted by hopes that deterioration in the financial sector was abating.

Wells Fargo & Co said it expects to post a record $3 billion first-quarter profit, causing its shares to soar 31.7 percent and providing a welcome jolt to the stock market and a still-troubled banking sector.

Regulators opened a debate on Wednesday on how the United States, trailing many industrialized countries in access and adoption of high-speed Internet, can extend the technology to low-income and other under-served areas.

Credit Suisse analyst William Shope wrote Thursday in a note to clients that demand for Apple Inc products – such as Mac and iPhone - was higher than expected and raised his price target for the stock.

President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.

3M Co said on Thursday that it had offered early retirement packages to about 3,600 U.S. employees, or 11 percent of its workforce, as the diversified manufacturer continues to respond to reduced demand for its products brought on by the economic downturn.

U.S. stocks jumped on Thursday after Wells Fargo said it expects to report a record quarterly profit, fueling a month-long rally prompted by hopes that deterioration in the financial sector was abating.

Microsoft has been hit with one of the largest patent awards on record, as a jury on Thursday ordered the software giant to cough up $388 million on claims that is misappropriated its technology.

Oil prices rose nearly 5.8 percent on Thursday, fueled by a rally on Wall Street and data showing that the number of workers filing new claims for unemployment benefits fell last week.

A day after Warren Buffett's Berkshire Hathaway Inc lost its triple-A credit rating, its shares rose to the highest since mid-January after Wells Fargo & Co , one of its largest investments, projected a surprise $3 billion first-quarter profit.

The head of the Federal Reserve Bank of Kansas City outlined his suggestions for principles which should guide the resolution process if financial institutions fail.

Somali pirates defied international naval powers on Thursday to keep an American ship captain hostage on a lifeboat in the Indian Ocean after their first seizure of U.S. citizens.

The head of the U.S. spy satellite agency, the National Reconnaissance Office, has announced his resignation, a spokesman said on Thursday.

Yahoo is expanding its cloud initiatives, extending its reach into research territory.

U.S. energy costs for gasoline and electricity are lowest in the state of Wyoming, while Hawaii ranks the highest, according to a new survey focusing on individuals, families and small businesses.

As automakers unveil smaller electric cars and hybrids at the New York International Auto Show this week, Volkswagen’s President and chief executive insists the industry not only should develop those vehicles, but also improve fuel-efficient gas and diesel models.

General Motors Corp is preparing a new offer to bondholders for a debt restructuring critical to its turnaround that may be far worse than terms the automaker had provided previously, CNBC reported on Thursday.

Many U.S. retailers posted smaller-than-expected sales declines for March in a sign that shoppers may be regaining confidence to open their wallets after more than a year of recession.

Stocks jumped on Thursday after Wells Fargo said it expects to report a record quarterly profit, providing a ray of hope for the struggling financial sector and adding fuel to the month-long rally.

France's parliament rejected a bill on Thursday that proposed disconnecting Internet users if they download music or films illegally, with the ruling UMP party failing to turn out in force to approve the law.

Led by traditional banking activities, Wells Fargo & Co. said Thursday that its business in the first quarter was strong, adding that the purchase of Wachovia had exceeded expectations.

The U.S. recession is likely to grind on for some time, especially as strains in credit markets continue, a top Federal Reserve policy-maker said on Thursday.