AP source: Obama to name Goolsbee to head council (AP)

AP - President Barack Obama has chosen one of his longtime economic advisers, Austan Goolsbee, to be the chairman of his Council of Economic Advisers, a White House official said.

China's imports leap, cutting trade surplus (Reuters)

Reuters - China's imports leapt in August, boding well for a strengthening of domestic demand in an economy that has become a major driver of global growth.

Asia stocks gain on Japan, US economy indicators (AP)

AP - Most Asian markets gained Friday after Japan said its economy grew more than estimated and better U.S. jobs and trade figures eased fears that the world's largest economy might slip back into recession.

SEC probing certain investment advisory firms: report (Reuters)

Reuters - The securities regulator is investigating investment advisory firms that channel investors' money into hedge funds, the Wall Street Journal reported.

Obama taps Goolsbee as top White House economist (Reuters)

Reuters - President Barack Obama has chosen Austan Goolsbee as the new head of the White House Council of Economic Advisers, U.S. administration officials said on Thursday, promoting a longtime adviser from his inner policy circle.

Japan economy's pulse stronger in 2Q than thought (AP)

AP - Japan's economy wasn't quite as weak in the second quarter as first thought but faces a murky outlook, the government said Friday as it unveiled a new $11 billion stimulus package.

Obama picks new top economist (AFP)

AFP - US President Barack Obama has chosen Austan Goolsbee, an economics professor currently working in his administration, to chair the Council of Economic Advisors, an official said.

G20 fin mins unlikely to meet in Washington: sources (Reuters)

Reuters - Finance ministers from the Group of 20 developed and leading emerging economies are not likely to meet on the sidelines of the IMF/World Bank Group annual gatherings in Washington early next month, sources said.

U.S. chipmakers' outlooks stoke economy concerns (Reuters)

Reuters - Chip makers National Semiconductor and Texas Instruments Inc on Thursday issued quarterly financial targets that stoked investors' worries about a sluggish economy.

U.N. goals to slash poverty, hunger achievable: draft (Reuters)

Reuters - A set of U.N. goals aimed at drastically reducing poverty and hunger worldwide by 2015 are achievable, despite setbacks caused by the global financial and economic crises, a draft document said.

Summary Box: Jobless claims drop, trade gap falls (AP)

AP - JOBLESS CLAIMS: The number of people signing up for unemployment benefits dropped by 27,000 last week to 451,000, the lowest level in two months.

Business Highlights (AP)

AP - Fears of a second recession ease, at least for now

Stocks extend gains after drop in jobless claims (AP)

AP - Stocks extended their September rally Thursday following more encouraging news on the job market.

US lawmakers to quiz Geithner on China currency (AFP)

AFP - US Treasury Secretary Tim Geithner will face a key US House committee's questions on possible new steps to press China over its currency policy, the panel's chairman said Thursday.

Wall Street buoyed by upbeat economic data (Reuters)

Reuters - Stocks rose on Thursday as stronger-than-expected jobs and trade data helped lift optimism about the economic recovery, although sentiment was fragile as investors fretted over European banks.

Summary Box: Unemployment news sends stocks higher (AP)

AP - BETTER JOBS: Another improvement on the jobs market sent stocks higher Thursday. First-time claims for unemployment benefits fell to 451,000 last week, better than analysts expected.

Mortgage rates edge up; Housing market still slow (AP)

AP - Record-low mortgage rates failed to pull the housing market out of its funk. Now rates are inching higher, but don't blame them if home sales stay sluggish.

California IOUs not needed this month: controller (Reuters)

Reuters - California's August revenue came in above a budget forecast and as a result the state will not need to issue IOUs this month, the state controller said on Thursday.

Analysis: Obama has tenuous grip on Democrats over taxes (Reuters)

Reuters - Democrats in Congress are distancing themselves from President Barack Obama's push to let taxes rise for the wealthiest Americans, fearing it will further harm them in November's mid-term elections.

How the major stock indexes fared Thursday (AP)

AP - Stocks extended their September rally Thursday following more encouraging news on the job market. The Dow Jones industrial average rose 28 points after the Labor Department said first-time claims for unemployment benefits fell last week to the lowest level in two months. In another hopeful sign on the economy, the trade deficit narrowed in July. It was the sixth winning day for the Dow out of the past seven.

Geithner urges tax breaks for small businesses (Reuters)

Reuters - Treasury Secretary Timothy Geithner urged congressional support for tax breaks for small businesses and said that would help create jobs.

Wall Street's super traders come under fire (AFP)

AFP - A handful of traders who master stock markets using ultra-fast computers may soon face a clampdown by US watchdogs as they try to prevent freak electronic glitches.

New report: more grandparents raising grandkids (AP)

AP - The number of U.S. children being raised by their grandparents rose sharply as the recession began, according to a new analysis of census data. The reasons, while somber, were not all economic.

Summary Box: Gold slips on economic news (AP)

AP - RISK APPETITE: Gold prices slipped after reassuring reports on the U.S. jobs market and trade created some optimism about the economy. The development spawned more appetite among investors for assets viewed as riskier than gold.

Gold slides on reassuring jobs, trade reports (AP)

AP - Gold prices slid Thursday after reassuring reports on the U.S. jobs market and trade created some optimism about the economy.

Fears of a second recession ease, at least for now (AP)

AP - No, the economy isn't roaring ahead. And no, companies aren't making lots of job offers. But a fresh batch of economic data Thursday at least eased summertime fears that the economy might be on the brink of another recession.

Wall Street Journal launching book review section (AP)

AP - The Wall Street Journal is set to launch a weekly book review section this month, even as newspapers across the country cut back on book coverage.

Oil gives back early gains, settles lower (AP)

AP - Oil prices fell back on Thursday, after getting an early boost from lower jobless claims and crude inventories.

Retire Rich While Others Work Forever (The Motley Fool)

The Motley Fool - The looming cloud hanging over our collective financial future has a big, fat silver lining -- if you bother to look for it.

A look at economic developments around the globe (AP)

AP - LONDON — A leading international economic body said the global economy will recover slower than expected, but that a double-dip recession remains unlikely. The Paris-based Organization for Economic Cooperation and Development cautioned governments around the world against hurting the economic recovery by reducing spending too much and too soon.

3 Texas men indicted in Va. in $103M scam (AP)

AP - A federal grand jury in Richmond has indicted three Texas men for allegedly defrauding investors in their life insurance settlement businesses.

FTSE 100 shares rise (AFP)

AFP - Shares in London were upbeat at the end of trade on Thursday as investors cheered new data showing the US trade deficit narrowing sharply and the number of US jobless claims dropping faster than expected.

FDIC's Bair warns of government "exposure" in mortgages (Reuters)

Reuters - A key U.S. banking regulator raised concern on Wednesday about the risk of "exposure" the government is taking on in the mortgage market and urged more stringent standards for underwriting mortgages.

SEC defends $75 million deal with Citigroup (AP)

AP - The government is defending as "fair and adequate" its $75 million settlement with Citigroup Inc. over charges it misled investors about billions in potential losses from subprime mortgages.

Financial crisis panel tells NV leaders to be bold (AP)

AP - From mortgage problems to education and budget issues, Nevada leaders on Wednesday delivered a sobering assessment of the state's future as a result of the Great Recession during seven hours of testimony before a federal panel investigating the country's financial meltdown.

Flash crash cause still a mystery (Investor's Business Daily)

Investor's Business Daily - The SEC, which is probing the stock market "flash crash" on May 6, still hasn't identified a single cause, but a trade practice known as "stub quotes" and other issues contributed to the market's dramatic drop, sources said. Stub quotes are orders placed by market makers that are well off the market prices for stocks. The SEC wants to ban stub quotes.

SEC says proposed Citi settlement is fair (Reuters)

Reuters - The top securities regulator defended its proposed $75 million settlement with Citigroup , saying the penalty reasonably accounts for the seriousness of the bank's alleged misconduct, according to a document filed in court on Wednesday.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Bankers urge government to pull plug on Fannie, Freddie (Reuters)

Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

Flash crash report: plunge still a mystery: sources (Reuters)

Reuters - Regulators probing the stock market "flash crash" last May still have not uncovered a single cause but will point to "stub quotes" and other previously identified issues as having exacerbated the market's dramatic drop, according to two sources familiar with the probe.