(Reuters) - Stocks turned lower on Thursday as initial enthusiasm faded over a long-stalled Greek deal and data indicating an improving U.S. labor market. Leaders from major Greek parties had agreed on reforms and austerity measures needed in exchange for a new bailout package to avoid a chaotic default, sources said

• Read more

(Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork.

• Read more

(Reuters) - Greek leaders clinched a long-stalled deal on reforms and austerity measures needed to secure a bailout and avoid a messy default, government sources said, hours before the country's financial backers were to meet in Brussels on Thursday. Athens' partners in the European Union and the International Monetary Fund have been exasperated by a lack of agreement on the sacrifices they demanded in return for a 130 billion euro ($172 billion) bailout, with time running out for Greece before a major March 20 bond redemption.

• Read more

(Reuters) - German Chancellor Angela Merkel will meet with parliamentary floor leaders on Friday to discuss Greece's bailout after euro zone ministers meet in Brussels later on Thursday, parliamentary sources said. Merkel needs parliamentary support to be able to go ahead with a bond swap deal between Greece and private investors -- backed by the EU and International Monetary Fund -- as well as to approve a second bailout program for Athens.

• Read more

(Reuters) - The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting recent gains in employment are being sustained. Initial claims for state unemployment benefits dropped 15,000 to 358,000, the Labor Department said on Thursday. A four-week average of new filings, which provides a better view of the trend, hit its lowest level since April 2008.

• Read more

(Reuters) - Stocks edged higher on Wednesday as hopeful investors awaited the latest attempt by Greece to reach a deal on reforms in exchange for a new bailout. The delays stirred European Union officials to warn Greece the euro zone could continue without the fiscally troubled nation, which needs a rescue package to avoid an unruly default.

• Read more

(Reuters) - Sprint Nextel (S.N) posted a wider quarterly loss, reflecting the higher costs of selling Apple Inc's (AAPL.O) iPhone. Plus its subscriber growth fell short of expectations, which sent the company's shares down 3.7 percent. The addition of the iPhone to Sprint's lineup during the quarter did not win the company as many subscribers as Wall Street expected.

• Read more

(Reuters) - Time Warner Inc posted better-than-expected quarterly profit on Wednesday helped by its cable networks and the last installment of its Harry Potter movie franchise. Shares rose 2.6 percent in early trading on share buybacks, a better-than-forecast profit outlook and an increase in its quarterly dividend.

• Read more

(Reuters) - Greek party leaders finally gathered on Wednesday to agree a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens. With the future of Greece and the wider euro zone at stake, Prime Minister Lucas Papademos' efforts to get the three parties in his government to accept the tough reforms demanded by the European Union and International Monetary Fund seem to have been thwarted by arguments over little more than procedural matters.

• Read more

(Reuters) - Cisco's earnings have had a way of crushing the dreams of optimists in the last two years. Shares of the computer networking giant have often rallied ahead of its earnings report, sparking bullish sentiment among options players, only to fall sharply after the company fails to meet lofty expectations.

• Read more