IBT Staff Reporter

Stocks tumbled on Friday to close out the worst week since January as news of a criminal probe into Goldman Sachs unnerved investors already anxious about the prospects for heavy regulation from Washington.

Bank of America Corp Chief Executive Brian Moynihan told Fox Business News on Friday that he supported a $50 billion orderly liquidation fund for large U.S. financial firms, but thought it should be built up over time.

Shares of Goldman Sachs Group Inc slumped 9.4 percent on Friday to a more than nine-month low, a day after news of a criminal investigation by U.S. federal prosecutors accelerated the company's crisis.

Standard and Poor's starring role in the latest chapter of the European debt crisis has rekindled criticism on Wall Street about the role of rating agencies in credit markets.

U.S. stocks tumbled on Friday to close out the worst week since January as news of a criminal probe into Goldman Sachs unnerved investors already anxious about the prospects for heavy regulation from Washington.

Hewlett-Packard Co hopes its planned $1.2 billion acquisition of Palm Inc will not only give it solid foundation in the growing smartphone market, but also provide it with a platform for other mobile devices, including tablets.

The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as consumers increased spending at the fastest pace in three years, the strongest sign yet a sustainable recovery may be taking hold.

Massey Energy Co is under criminal investigation by the FBI after the deadly mine explosion in West Virginia, U.S. officials familiar with the matter said on Friday, news that sent the company's stock plummeting.

Continental Airlines Inc and UAL Corp's United Airlines have ironed out the last remaining wrinkle in their merger talks, paving the way for a deal that would create the world's largest carrier, two sources familiar with the matter said on Friday.

The U.S. Federal Reserve on Friday authorized a new mechanism that it said can eventually be used to withdraw excess cash from the banking system.

The tests on the flu vaccines reveal no signs of abnormalities so far, as health authorities continue investigation into the bad flu vaccine reaction scare in WA.

Lala, the online music service, will be shut down on May 31, just five months after Apple Inc bought the start-up fueling speculation the iPod maker plans to launch a new Web-based version of iTunes.

Chevron Corp's quarterly profit more than doubled, beating forecasts, as a bounce in oil prices offset lower refinery earnings at the second-largest U.S. oil company.

Based on the results of a study, no single medication is responsible for the higher risk of cancer observed among patient who have received immunosuppressive drugs for kidney transplant.

A bacterium that causes ulcers and cancers of the stomach seems to have a beneficial side - it significantly decreases the risk of one specific type of oesophageal cancer - reveals an Australian study.

A research to recreate a fully-functioning skin in the laboratory for the purpose of transplant that could improve the lives of burn patients, is ongoing says a spokeswoman for Sydney Burns Foundation.

The United States on Friday placed Russia on its list of countries with the worst records of preventing copyright theft for the 13th straight year, just days after the two nations agreed to intensify talks on Moscow's bid to join the World Trade Organization.

Microsoft Corp joined archrival Apple Inc in criticizing Adobe Systems Inc's widely used Flash multimedia software, creating a rare bond among the two computing giants.

An upcoming study supported by Alzheimer's Australia to test if physical activity does improve the symptoms of memory loss and wellbeing of people with Alzheimer's will take place in Brisbane by staff of the University of Queensland at the Royal Brisbane and Women's Hospital complex.

Opera Software, the world's largest mobile browser firm, has bought Australian web-based email provider FastMail.FM, aiming to expand its own messaging offering to wireless devices.

General Motors Co said on Friday that it expected to incur costs of 400 million euros ($532 million) for termination benefits covering 2,600 workers at an Antwerp, Belgium, plant it plans to close by the end of 2010.

European banks will contribute to a multi-billion euro Greek bailout, Germany said on Friday, as talks to secure European Union and IMF aid to Athens in return for draconian budget cuts edged toward a deal.

The U.S. economy expanded at a 3.2 percent annual rate in the first quarter as consumers increased spending at the fastest pace in three years, the strongest sign yet a sustainable recovery may be taking hold.

Motorola Inc reported a surprising quarterly profit on better-than-expected demand for its higher-margin smartphones, so far vindicating its strategy of relying on Google Inc's Android software system.

(Corrects paragraph 14 to say Motorola was expected to rank seventh in the global mobile phone market, not fourth)

Newell Rubbermaid Inc's quarterly profit beat Wall Street estimates on improving sales trends across all geographies and the consumer products maker to raise its full-year outlook.

U.S. stocks extended declines on Friday as shares of Goldman Sachs slid on reports of a federal probe into the Wall Street powerhouse and after first-quarter gross domestic product came in weaker than expected.

No. 2 U.S. homebuilder D.R. Horton Inc reported a quarterly profit and a sharp increase in orders on Friday, surprising Wall Street and sending shares up across the sector.

U.S. stocks fell on Friday as shares of Goldman Sachs tumbled on reports of a federal probe into the Wall Street powerhouse and after first-quarter gross domestic product came in weaker than expected.