Retailers rebound to boost S&P, Nasdaq to record highs
(Reuters) - U.S. stocks rose on Thursday, with the S&P 500 and Nasdaq Composite scaling new highs, buoyed by strong earnings reports from the embattled retailer sector.
OPEC, non-OPEC extend oil output cut by 9 months to fight glut
VIENNA (Reuters) - OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
Oil plunges 4 percent on disappointment with OPEC cuts
NEW YORK (Reuters) - Oil prices fell about 4 percent on Thursday, on track for their biggest daily drop in three weeks, after OPEC's decision to extend production curbs fell short of expectations of deeper or longer cuts.
Wilbur Ross seeks bigger budget for trade enforcement
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday that a $5.5 million increase requested for the agency's enforcement budget this year will have a "real impact" in cracking down on unfair trade practices and export security violations.
New Ford CEO relies on veterans to reboot profits
BENGALURU/DETROIT (Reuters) - Ford Motor Co
on Thursday reshuffled senior management and brought back a former executive from Uber Technologies Inc, signaling its new chief executive officer will rely on tested company veterans to turn Ford around rather than outside talent.
Jobless claims edge up; goods trade deficit widens
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44-year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month.
Exclusive: Bankrupt Westinghouse ends pensions for ex-CEOs, executives
WILMINGTON, Del (Reuters) - Bankrupt Westinghouse Electric Co LLC, the U.S. nuclear technology firm owned by Toshiba Corp <6502.T>, has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent.
Lawsuit accuses GM of rigging diesel truck emissions
(Reuters) - General Motors Co was accused in a lawsuit on Thursday of rigging hundreds of thousands of diesel trucks with devices similar to those used by Volkswagen AG
, to ensure they pass required emissions tests.
Ballooning Chinese dollar borrowing a dilemma for index trackers
LONDON/HONG KONG (Reuters) - Record-breaking dollar bond sales from Chinese companies are steadily increasing China's weight in global indexes, raising concerns about overexposure among investors who track them.
Best Buy beats on profit, sales; shares at 11-year high
CHICAGO (Reuters) - Best Buy Co Inc reported an unexpected rise in first-quarter comparable sales and the No. 1 U.S. electronics retailer said it planned to save $600 million in costs by the end of fiscal 2021, sending shares to an 11-year high on Thursday.