Ford abandons profit goal, turnaround sputters
(Reuters)
Reuters - Ford Motor Co warned on Thursday
that it no longer expected to meet a key target of returning to
profitability in 2009 and would cut production through this
year in response to a slumping U.S. auto market.

Stocks rebound modestly as oil pulls back
(Reuters)
Reuters - Stocks rebounded modestly on Thursday
after two days of steep declines, as energy prices pulled back
from record highs and a proposed major acquisition in the
utilities sector buoyed optimism.

Airline stocks rally as oil prices retreat
(Reuters)
Reuters - U.S. airline shares were broadly higher
on Thursday as oil prices -- directly linked to the price of
jet fuel -- retreated from a record high above $135 a barrel.

Oil pulls back after hitting record above $135
(Reuters)
Reuters - Oil prices pulled back sharply from a
record above $135 a barrel on Thursday as dealers took profits
from a dazzling rally and a recovering U.S. dollar dampened
commodities markets.

Last UAW plant votes on American Axle contract
(Reuters)
Reuters - Union workers at American Axle &
Manufacturing Holdings Inc's flagship Detroit plant
voted on Thursday in the final hurdle to the ratification of a
concessionary and a controversial contract that would slash
wages for the auto supplier by more than a third.

When economy revives, how will we know?
(AP)
AP - With any luck, the second half of this year will be better than the so-far rocky first half. The Federal Reserve chief hopes that is the case. So does President Bush.

Crunch turns back clock on mortgage lending
(Reuters)
Reuters - As U.S. banks mop up the mess from
billions of dollars of bad home loans, buyers are finding the
days of cheap money are over and, in many cases, tougher
versions of old lending rules now apply.

Retail shares rally after beating Wall St views
(Reuters)
Reuters - Apparel and jewelry retailers
surprised Wall Street with better-than-expected earnings on
Thursday as cost-cutting measures and inventory controls offset
the impact of the weak economy.
