UNITED STATES

Toyota Motor Corp has paid a $16.4 million fine to settle allegations by U.S. regulators the company was too slow to recall vehicles with defective accelerator pedals.

U.S. stocks extended declines on Tuesday with the S&P 500 down slightly more than 1 percent, weighed down by bank stocks as investors fret over the implications of a federal financial regulation proposal.

Home Depot Inc boosted its forecast for the year after spring sales beat Wall Street expectations, but investors questioned how strong home improvement sales trends would be in the rest of 2010.

Drugmaker Pfizer Inc will cut 6,000 jobs, or 18 percent of the workforce, at its 78 manufacturing plants over the next five years as it pares back operations following last year's purchase of rival Wyeth.

Stocks slid on Tuesday, pressured by euro weakness that raised concerns about the impact on technology companies' sales and by worries over Europe's debt problems.

Fears that the huge Gulf of Mexico oil spill was spreading through ocean currents flared on Tuesday after tarballs were found on Florida's Key West, while energy giant BP Plc worked to capture more of the leaking crude.

Wal-Mart Stores Inc's quarterly results beat Wall Street expectations, as a curb on costs helped the world's largest retailer overcome weaker U.S. same-store sales, sending shares up 3 percent.

U.S. stocks declined in choppy trading on Tuesday as the euro's weakness raised concerns about the impact on technology companies' sales and worries over Europe's debt problems resumed.

U.S. stocks extended declines in choppy trade on Tuesday as shares of chip makers weighed, while worries over Europe's debt problems resumed.

Stocks were set to open higher on Tuesday as euro-zone finance ministers worked to refine a 750 billion euro ($925 billion) bailout plan and Wal-Mart and Home Depot posted solid earnings.

Exchanges are expected to introduce new trading curbs known as circuit breakers for large U.S. stocks over a six-month pilot program, as regulators move to avoid a repeat of the severe market plunge on May 6, two people familiar with the talks said on Tuesday.

Wal-Mart Stores Inc posted quarterly results that beat Wall Street expectations, but said second-quarter earnings could fall short of Wall Street estimates as its shoppers remain under pressure.

Drugmaker Pfizer Inc will cut 6,000, or 18 percent, of jobs at its 78 manufacturing plants over the next five years as it consolidates operations following last year's purchase of smaller rival Wyeth.

Stocks rose on Tuesday on hopes euro-zone officials were making progress on a package of measures to resolve a debt crisis as well as solid earnings from a host of retailers, including Wal-Mart.

Home Depot Inc boosted its forecast for the year after a strong spring selling season, but investors questioned the strength of sales trends for the home improvement industry during the rest of 2010.

A discovery of tar balls on Florida's Key West fanned fears on Tuesday that a massive Gulf of Mexico oil spill was spreading through ocean currents, as energy giant BP Plc worked to capture more of the crude leaking from its gushing deep-water well.

Energy giant BP said on Tuesday it was now able to siphon off about 40 percent of the oil gushing from a ruptured well in the Gulf of Mexico but has not been able to stop the leak, as President Barack Obama is to create a commission to probe the spill.

Oil rose more than 3 percent to above $72 a barrel on Tuesday, recovering from a five-month low the previous session, but high inventory levels and the strength of the dollar were expected to limit gains.

Producer prices eased in April and costs excluding food and energy remained contained, suggesting inflation is not a near-term concern for officials at the Federal Reserve.

Wal-Mart Stores Inc posted higher-than-expected quarterly profit on Tuesday, as strong growth in international markets helped offset a greater-than-expected drop in comparable sales at its U.S. discount stores.

U.S. housing starts touched a 1-1/2 year high in April, but a drop in permits to a six-month low suggested housing market recovery will remain slow.