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Financial News

Stocks in U.S. Drop on AIG Writedowns, Concern Commodities Rally Will End U.S. stocks fell, sending the market to its first weekly drop in a month, after American International Group Inc. said it needs to raise $12.5 billion to cover writedowns and concern grew the rally in commodities will end.

FedEx Lowers Fourth-Quarter Profit Forecast Because of Surging Fuel Costs FedEx Corp., the second-largest U.S. package-shipping company, said fourth-quarter profit will miss its forecast after surging fuel prices raised costs by at least $100 million more than estimated.

Oil Rises to Record Above $126 as Dollar Drop Spurs Demand for Commodities Crude oil rose above $126 a barrel in New York to a record as the dollar weakened against the euro, prompting investors to buy commodities as a hedge against the currency's decline.

U.S. Trade Deficit Smaller Than Forecast as Imports Drop Most in Six Years U.S. demand for imported goods slumped in March, overwhelming the impact of the first export decline in more than a year and causing the American trade deficit to shrink more than forecast.

Citigroup's Pandit Plans to `Wind Down' About $400 Billion of Bank Assets Citigroup Inc. Chief Executive Officer Vikram Pandit plans to get rid of about $400 billion of assets over the next three years as he starts to whittle away at the company built by Sanford ``Sandy'' Weill.

Kerkorian Seeks to Buy More Ford Shares; Mulally Tells Investors to Wait Billionaire investor Kirk Kerkorian said he may boost his Ford Motor Co. stake above 5.5 percent and provide cash for the automaker's revival, signaling increased confidence in Chief Executive Officer Alan Mulally.

General News

Obama Picks Up Seven More Democratic Superdelegates to Close In on Clinton Democratic presidential candidate Barack Obama picked up seven more superdelegates, including one who switched from Hillary Clinton, and has almost drawn even with his rival in endorsements from the party officials and lawmakers.

Clinton, Obama Preferred Over McCain on Handling the Economy, Poll Shows Democrats Hillary Clinton and Barack Obama get higher marks than Republican John McCain from voters on handling the U.S. economy, which Americans now consider the nation's top issue.

Lebanon Clashes Enter Third Day; Death Toll Hits 10 as Gunmen Roam Beirut Gun battles raged across western and southern Beirut, leaving 10 people dead, as fighters from the Shiite group Hezbollah pressed their party's challenge to Lebanon's pro-Western government.

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