Reuters - Verizon Wireless said on Thursday it would buy rural mobile phone service provider Alltel Corp for $28.1 billion, including debt, which would vault it to first place in the U.S. market ahead of AT&T Inc.

AP - Tax rebate checks gave consumers a little extra money in their pockets during May, but most were still spending conservatively, buying necessities such as food and gas and shying away from splurging on clothing or furniture. The result was some better-than-expected sales for the nation's retailers, with lower-priced merchants like discounters and wholesale clubs showing the strongest gains.

Reuters - The European Central Bank reinforced the view on Thursday that the only way for interest rates in most major economies to go is up when, like the U.S. Federal Reserve days earlier, it rang alarm bells on inflation.

Reuters - Ford Motor Co said on Thursday it will cut expenses for its white-collar work force by 15 percent over the next two months through job cuts, attrition and other actions.

Reuters - Stocks pulled back from session highs on Thursday after Standard & Poor's cut the credit ratings of bond insurers MBIA Inc and Ambac Financial , keeping worries alive about credit losses.

Reuters - Oil jumped $4 to over $126 a barrel on Thursday, rebounding from a sharp two-day sell-off as the dollar slid after the European Central Bank signaled it could raise interest rates this year.

Reuters - Verizon Wireless said on Thursday it would buy rural mobile service provider Alltel Corp for $28.1 billion including debt, which would vault it to first place in the U.S. market ahead of AT&T Inc .

Reuters - Calstrs, one of the largest U.S. pension funds, may remove its eight-year ban on tobacco stocks as risks in this industry have dimmed, the Wall Street Journal reported on Thursday.

Reuters - Oil prices fell below $122 a barrel on Thursday, down for a third day as the U.S. dollar climbed and fears over demand grew after India and Malaysia raised fuel prices, weighing on resource-related shares.

Reuters - Bear Stearns Cos' private-equity arm Bear Stearns Merchant Banking is expected to announce on Thursday it will spin off into an independent company with JPMorgan Chase & Co as its largest investor, the Wall Street Journal said.

Reuters - Yahoo Inc said on Wednesday that deal talks are ongoing with Microsoft Corp as the company resisted an attack by billionaire critic Carl Icahn, who called its recent actions "deceitful."