IBT Staff Reporter

Oil prices eased toward $49 a barrel on Tuesday, paring earlier gains after U.S. stock markets rose following encouraging housing and consumer confidence data.

California's housing-market slump showed hints of improvement in March, with sales of existing single-family homes increasing 64% from the prior-year period and median home prices rising month-to-month for the first time since August 2007, according to a trade group report.

The U.S. banking system could be free of government money within a year, the powerful chairman of the U.S. House of Representatives Financial Services Committee said on Tuesday.

Pfizer Inc and Bristol-Myers Squibb reported lower earnings that beat expectations on Tuesday, but the U.S. drugmakers relied on aggressive cost cuts to make up for disappointing sales.

Anxiety over a global flu crisis and the health of some U.S. banks rattled hopes on Tuesday that the financial system was stabilizing, but U.S. and other data suggested confidence was returning to consumers.

Cablevision Systems Corp plans to roll out super-fast Internet access connections that can allow a customer to download a full-length high-definition movie in less than 10 minutes.

U.S. consumer confidence posted its biggest jump in more than three years in April while the slump in home prices showed signs of slowing in February, adding to hopes that the recession may be waning.

U.S. house prices tumbled nearly 19 percent in February, but for the first time since October 2007 the decline was not a record, suggesting the housing market might be closer to a bottom.

Citigroup Inc is talking to the U.S. government about its capital levels after receiving the early results of its stress test, but if it needs more capital it does not expect the government to provide it, people familiar with the matter said.

Shareholders of Fortis approved the sale of assets to France's BNP Paribas in Belgium on Tuesday, bringing the carve-up of the stricken group a step closer to conclusion.

U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, said on Tuesday he would introduce a bill next week to overturn a three-year-old U.S. ban on Internet gambling.

U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, said on Tuesday he would introduce a bill next week to overturn a three-year-old U.S. ban on Internet gambling.

Spanish firm Abengoa Solar announced on Monday it began operations of PS20, the largest solar power tower plant in the world, with the capacity to supply enough energy for 10,000 homes.

U.S. lawmakers plan to take a closer look this week at the federal government's response to the swine flu outbreak that has sickened people in five states and killed dozens in Mexico.

The Treasury reached an agreement with Chrysler LLC's lenders that may help the troubled automaker avoid bankruptcy, a source briefed on the matter said on Tuesday.

A former U.S. soldier on trial in the gang rape of an Iraqi girl and the murder of her and her family in the war zone in 2006 was caught in a perfect storm of insanity, his lawyer told a jury on Monday.

Stocks recovered from opening losses to post modest gains on Tuesday as housing and consumer confidence data fueling hopes a recession was easing offset concerns that major banks may need to raise more money.

Somali gunmen freed two European aid workers Tuesday without receiving a ransom after holding the pair hostage for nine days in one of the world's most dangerous places for relief agencies.

Iran's hardline President Mahmoud Ahmadinejad has damaged the country's relations with the international community, a moderate challenger to the president in the June presidential vote said on Tuesday.

The U.N.'s aid chief told Sri Lanka's president on Tuesday of the world body's concern over casualties and humanitarian needs among civilians trapped in the last pocket of Tamil Tiger resistance to government forces.

Pope Benedict comforted survivors of Italy's earthquake Tuesday and asked God to heed the silent cry of its victims rising from the earth.

Two more students at a Sacramento-area school have been confirmed to have swine flu, health officials said on Monday, bringing to 13 the number of known cases in California.

More than 40 people in five states have been sickened by new strain of swine flu that doctors fear may cause a pandemic, U.S. officials said on Monday, promising more cases to come.

Pakistani forces backed by fighter jets and helicopter gunships began an offensive on Tuesday against Taliban fighters in a key valley 100 km (60 miles) northwest of the capital, Islamabad.

Weather experts are studying swine flu to see if climate could influence its spread and severity. Determining the impact of cold, heat, dryness and humidity on the H1N1 strain -- which has killed up to 149 people in Mexico and had milder effects elsewhere -- could illuminate the countries and regions most vulnerable to infection.

Nokia Oyj will cut up to 360 jobs at Internet services unit as it combines offerings into its new Ovi Store, the world's top cell phone maker said on Tuesday.

New Zealand and Israel confirmed cases of swine flu on Tuesday, the latest countries hit by a new strain that has killed up to 149 people in Mexico and which threatens to become a pandemic.

Honda Motor Co (7267.T) forecast a small profit for this year as it cuts costs to counter plunging car sales and a strong yen, and said its leading position in motorcyles is helping it cope with the severe global slowdown.

U.S. house prices tumbled nearly 19 percent in February but for the first time in 16 months the fall did not set a new record, suggesting the housing market might be closer to a bottom.