IBT Staff Reporter

World stocks bounced off this week's 3-1/2 month low on Thursday and credit markets stabilized as upbeat corporate earnings tempered worries about a global credit crunch which had prompted a sell-off of almost a fortnight.

Oil slid towards $76 on Thursday, deepening its descent from an all-time high the previous session as U.S. refiners raised fuel output to the highest level in nearly a year.

Mattel Inc. said on Thursday it expects the recall of Chinese-made toys, such as popular preschool characters like Sesame Street's Elmo and Big Bird, to result in a charge of $30 million.

The euro briefly edged up against the dollar on Thursday after the European Central Bank president said 'strong vigilance' was needed to stem inflation risks, signaling a possible September rate hike.

Rescuers searched on Thursday for 20 people missing in a U.S. bridge collapse that sent vehicles tumbling several stories into the Mississippi River in an avalanche of concrete and steel that killed at least four, authorities said.

Strong cellphone demand in Asian emerging markets boosted Nokia Oyj's second-quarter sales and profits, sending its shares to their highest level in more than five years.

A top executive of Bear Stearns Cos., which has been hit by the collapse of two of its hedge funds and forced to halt redemptions at a third, shrugged off concerns about a global credit crunch on Thursday and said the recent market decline was healthy.

Microsoft Corp. said on Wednesday it will offer a free, advertising-supported version of its basic productivity software, Microsoft Works, as part of a test program with computers manufacturers.

Viacom Inc on Thursday posted a better-than-expected profit, boosted by DVD sales and the box office hit 'Shrek The Third.'The film division helped second quarter results with a string of theatrical hits that also included 'Blades of Glory' and 'Disturbia.'

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Atlanta-based Coca-Cola Inc., the world's largest beverage maker, has been rated as the most valuable brand in the world, according to the latest The 100 Best Global Brands list jointly compiled and released by Interbrand consultants and BusinessWeek.

India's second largest manufacturer of two-wheelers, Bajaj Auto, and French car maker, Renault are in discussions for a new vehicle venture.

Jones Apparel Group, Inc. said Tuesday that a $900 billion bid for its Barney’s unit from Japanese retailer Fast Retailing Co. Ltd. was “superior” to an agreement signed earlier with an affiliate of Dubai-based Istithmar.

Advanced Micro Devices’ share of the x86 chip market grew 4.2 percent in the second quarter versus a year ago, while Intel lost a similar amount in the same time frame, according to new data.

Music and video capable mobile phones have been driving revenue growth on the handset accessories market, with revenue for the this year expected to jump to more that $32 billion, according to a report.

Manufacturing grew at a slower rate in July as a drop in new orders spawned caution among factory managers, and U.S. private employers probably added jobs last month at their slowest rate in four years, according to two reports on Wednesday.

Ford Motor Co and Chrysler Group posted weaker-than-expected U.S. sales for July on Wednesday, underscoring the pressure on auto sales from a weaker housing market and higher gas prices.

The Standard & Poor's 500 index slid in a highly erratic session on Wednesday, as concerns about worsening credit conditions persisted and a sharp downturn in the price of oil sent energy companies' shares lower.

Oil hit a new record high above $78 on Wednesday after a larger-than-expected drop in crude inventories in the United States.

The dollar rose against the yen on Wednesday, rebounding from earlier three-month lows in choppy trading, as the U.S. stock market steadied after its recent heavy losses.

Stocks fell and currency markets churned on worries about worsening credit markets and a move away from risky investments.

The world's electricity must be generated from zero or near zero-emission power plants by 2050 if a 50 percent cut in global greenhouse gas emissions is to be achieved by mid-century, Australia's Environment Minister said on Wednesday.

British Prime Minister Gordon Brown urged governments, businesses and volunteer groups on Tuesday to unite in a show of people power to put the world back on track toward slashing extreme poverty by 2015.

U.S. Treasury Secretary Henry Paulson brings his overtures for a faster rise in the yuan to Chinese President Hu Jintao on Wednesday, a day after the Bush administration warned that anti-China legislation in the U.S. Congress could provoke a global trade backlash.

The recent slide in European stock markets has not signaled the turning point in the four-year bull run, chart analysts say, but stocks could struggle to recover those losses in the short term.

Kraft Foods Inc. on Wednesday posted higher quarterly profit, helped by lower restructuring charges, a lower tax rate and higher sales, which offset rising costs for milk, wheat and other ingredients.

Dow Chemical, the biggest U.S. chemical company, is considering making a bid for Britain's Imperial Chemical Industries, the Daily Telegraph newspaper said on Wednesday.

British Airways revealed the biggest fine in its history on Wednesday as it reached settlements with the U.S. and UK authorities for price fixing that could cost it up to 350 million pounds ($711 million).

News Corp. said on Wednesday that it would buy Dow Jones & Co Inc. for $5.6 billion, adding the Wall Street Journal to its worldwide media empire and ending a century of family ownership of one of the top U.S. business news sources.