IBT Staff Reporter

U.S. accounting standard-setters bowed to congressional pressure on Thursday and allowed banks more flexibility to value toxic assets that have forced billions of dollars in writedowns.

Stocks added to gains on Thursday after the board that sets U.S. accounting standards agreed to give banks more flexibility in applying mark-to-market accounting to their toxic assets.

Oil rose more than $4 per barrel to above $52 on Thursday as the G20 summit in London raised hopes of a package of measures to restore global growth.

Shares of major carmakers rallied on Thursday after better-than-expected sales in the United States and Europe encouraged hopes that a global auto market collapse could be nearing an end.

Monsanto Co , the world's biggest seed company, posted better-than-expected profit on Thursday as revenues grew in its key corn and soybean seed businesses and it benefited from a low tax rate.

U.S. President Barack Obama told South Korean President Lee Myung-bak on Thursday problems remain on a stalled free trade deal between the two countries but that he wants to make progress, a U.S. official said.

An independent board that sets U.S. accounting standards bowed to congressional pressure on Thursday and discussed ways to give banks more flexibility to determine the value of toxic assets that have forced billions of dollars in writedowns.

Stocks rose for a third straight session on Thursday on optimism the G20 meeting in London will agree on ways to temper the economic crisis and that new U.S. accounting guidance will favor banks.

World leaders will impose new financial rules on Thursday and triple the war chest of the International Monetary Fund to fight the worst economic crisis since the 1930s, sources at the G20 summit said.

Leaders of the U.S. Senate Judiciary Committee said on Wednesday they had reached agreement on key elements of a bill to revise U.S. patent law.

Israeli Foreign Minister Avigdor Lieberman said in remarks published Thursday it would be difficult to make progress in peace talks with Palestinians as long as armed Hamas Islamists control the Gaza Strip.

Bank of America Corp Chairman and Chief Executive Kenneth Lewis said it may take several quarters for the bank to repay its $45 billion of federal bailout money, though he believes the U.S. economy may bottom out in the second half of this year.

Maurice Greenberg said he was not responsible for problems at American International Group since they occurred after he left, the Wall Street Journal reported citing an interview with the former chief of the company.

Monsanto Co , the world's biggest seed company, said on Thursday that quarterly profit fell 3 percent due in part to lower volume sales of its key herbicide products.

Stocks rose for a third straight session on Thursday on optimism the G20 meeting in London will agree on ways to temper the economic crisis and that new U.S. accounting guidance will favor banks.

China is encouraging people to pay respects to the martyrs of the Communist revolution on a new website set up ahead of a traditional holiday to remember the dead, state media said on Thursday.

U.S. accounting rulemakers on Thursday agreed to make adjustments to a proposal to change mark-to-market accounting rules concerning when transactions would be considered distressed.

U.S. accounting rulemakers on Thursday agreed to make adjustments to a proposal to change mark-to-market accounting rules concerning when transactions would be considered distressed.

North Korea has begun fuelling a long-range rocket and could launch it by the weekend, CNN said, with the United States and others threatening punishment for a move they say violates U.N. resolutions.

Rite Aid Corp posted its seventh straight quarterly loss on Thursday, one that fell short of Wall Street's expectations, as it booked significant non-cash charges and as shoppers continued to curtail spending.

Caught Twittering or on Facebook at work? It'll make you a better employee, according to an Australian study that shows surfing the Internet for fun during office hours increases productivity.

Stocks extended gains on Thursday after data showed factory orders rose in February, fueling optimism the economy was showing signs of stabilization.

Caught Twittering or on Facebook at work? It'll make you a better employee, according to an Australian study that shows surfing the Internet for fun during office hours increases productivity.

U.S. accounting rulemakers are set to crumple on Thursday in the face of ultimatums from lawmakers, liberalizing rules that will give banks leeway to report smaller losses and asset writedowns.

Stock futures pointed to a higher open on Thursday on optimism the leaders at the G20 meeting underway in London will agree on ways to temper the economic crisis.

Banker Julius Meinl V, head of an Austrian coffee-roasting dynasty and chairman of Meinl Bank, was arrested late on Wednesday on suspicion of defrauding investors through secretive share buybacks.

Hyundai Motor Group, the world's No. 5 automaker, will go ahead with plans to develop environment-friendly cars despite the segment's low profitability and an industry downturn, a senior executive said on Thursday.

World leaders will impose new financial rules on Thursday and triple the war chest of the IMF to fight the worst economic crisis since the 1930s, monetary sources at the G20 summit said.

Dow Jones futures rose 2.2 percent by 6:40 a.m, EST, S&P 500 futures were up 2.1 percent, and Nasdaq futures were up 2.2 percent, pointing to Wall Street opening higher on Thursday, building on the previous session's gains.