The online brokerage firm said that it had appointed Walter W. Bettinger II as president and chief executive, succeeding the founder Charles Schwab.

Washington Mutual posted a loss of $3.3 billion, while Wachovia said it had lost $8.9 billion and would slash about 10,750 jobs.

Yahoo said that its revenue in the second quarter grew a sluggish 6 percent from the same period a year earlier as net income dropped by 19 percent.

Stocks surged following a sharp drop in oil prices and discounted a series of dour earnings reports.

With large price increases for commonly used commodities, countries like India and Vietnam are already having to deal with double-digit inflation.

The agency said it would not meet a July 24 deadline for ruling on a request to reduce a federal mandate on how much ethanol must be blended into gasoline this year.

BP is fending off a corporate raid by its Russian partners backed by Russian regulatory authorities, a strategy to expel expatriate staff members from their joint venture.

G.E. said it would partner with Mubadala Development Company, and Abu Dhabi-based sovereign wealth fund, to create an $8 billion commercial finance fund.

Advertising and marketing conglomerate Omnicom Group reported an 11 percent increase in second-quarter net income, propelled by strong international business.

The Congressional Budget Office said a proposed rescue of Fannie Mae and Freddie Mac could appear on the federal budget as a $25 billion cost to taxpayers.