Reuters - Stocks rallied late on Friday after multiple news reports that New York Federal Reserve President Timothy Geithner will be nominated as President-elect Barack Obama's Treasury secretary.
Reuters - Detroit automakers began work on the turnaround plans demanded by Congress in return for a possible $25 billion rescue as General Motors Corp said it will cut production more deeply and drop two of its controversial corporate jets.
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AP - Shares in DSG International PLC rose 21 percent Friday from a 20-year low after Credit Suisse raised its rating of the stock to "outperform" on the basis that market concern over the economic slowdown had left the stock too cheap.
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AFP - London shares were in the backfoot again Friday after a dire manufacturing report compounded fears that a deep and prolonged recession is ever more likely.
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Reuters - General Motors Corp said on Friday it plans additional temporary plant shutdowns in the next two months in response to deteriorating market demand.
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AFP - Wal-Mart, the retail sector leader that has weathered the economic crisis better than most of its peers, announced Friday that Mike Duke will take over as chief executive to replace retiring Lee Scott.
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Reuters - Hundreds of people lined up at Verizon Wireless stores on Friday to buy the BlackBerry Storm, the first touch-screen phone from Research In Motion that aims to compete with Apple's iPhone.
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Reuters - Stocks rose in choppy trade on Friday as investors snapped up cut-price shares in beaten down sectors, including commodities and energy, a day after Wall Street slid to 11-year lows.
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AP - European markets fell further Friday as early gains on Wall Street were wiped out amid mounting fears about the U.S. economy and the future of banking giant Citigroup Inc. in particular. Asian stocks closed mostly higher earlier in the day.
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Reuters - Citigroup Inc shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence.
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