Reuters - Stocks tumbled on Friday as fears about the stability of the top two home financing providers Fannie Mae and Freddie Mac, combined with oil at a record above $147, clouded the economic outlook.

AP - Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market.

Reuters - Fannie Mae and Freddie Mac said on Friday that their finances were sufficiently sound to withstand the housing crisis as government officials scrambled to restore confidence in the country's two largest mortgage finance companies.

AP - The U.S. trade deficit narrowed in May as exports — including industrial supplies and consumer goods — climbed to all-time highs.

Reuters - Stocks fell sharply on Friday on worry about the financial stability of the top two home financing providers Freddie Mac and Fannie Mae, while oil prices hit an all-time high, clouding the outlook for the economy.

AP - Treasury Secretary Henry Paulson, seeking to calm nervous investors about the financial state of Fannie Mae and Freddie Mac said Friday the government's primary policy focus currently is to leave the congressionally-created mortgage giants intact.

AP - Wall Street stumbled through another volatile session but ended with a respectable gain Thursday after a multibillion dollar deal between Dow Chemical Co. and rival Rohm and Haas Co. helped offset concerns about the financial sector and energy costs.

AP - The nation's top economic officials urged Congress on Thursday to give them new regulatory tools to better protect the country from economic and financial havoc if a major Wall Street firm were to fail.