Reuters - Oil jumped $10 to a record over $138 a barrel on Friday, extending a two-day rally to more than $15 on the slumping U.S. dollar and rising tensions between Israel and Iran.

Reuters - Oil prices, which last month hit a record high above $135 a barrel, will probably rise to $140 soon, the head of Libya's National Oil Corporation (NOC) said on Friday.

Reuters - U.S. stocks slid on Friday on renewed fears the U.S. economy faces 1970s-style stagflation after government data showed the unemployment rate jumped the most in 22 years in May and the price of oil hit a record.

Reuters - The U.S. unemployment rate surged to 5.5 percent in May, its highest in more than 3-1/2 years, as the barely growing economy lost jobs for the fifth straight month.

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 - Oil rose by more than $1.00 towards $129 a barrel on Friday, extending gains after its biggest ever one-day rise in the previous session as the U.S. dollar weakened on signals the European Central Bank may raise interest rates this year.

Reuters - The U.S. Securities and Exchange Commission is investigating whether American International Group Inc overstated the value of contracts linked to subprime mortgages, the Wall Street Journal said on Friday, citing people familiar with the matter.

Reuters - Broadcom Corp's former CEO took cocaine and spiked customers' drinks with ecstasy while also directing a criminal stock-options backdating conspiracy that cost the microchip company $2.2 billion, federal indictments released on Thursday charged.

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.