(Reuters) - The economy grew at its fastest pace in a year in the third quarter as consumers and businesses stepped up spending, creating momentum that could carry into the final three months of the year. Though part of the increase in output came from the reversal of temporary factors that had restrained growth, the expansion was a welcome relief for an economy that looked on the brink of recession just weeks ago.

• Read more

(Reuters) - Euro zone leaders struck a last-minute deal to limit the damage from the currency bloc's debt crisis early on Thursday but are still far from finalizing plans to slash Greece's debt burden and strengthen their rescue fund. After a summit in Brussels, governments announced an agreement under which private banks and insurers would accept 50 percent losses on their Greek debt holdings in the latest bid to reduce Athens' massive debt load to sustainable levels.

• Read more

(Reuters) - Exxon Mobil Corp's profit rose 41 percent in the third quarter, slightly ahead of Wall Street estimates, as gains in crude oil prices and higher refining margins boosted results. Oil companies around the world benefited in the third quarter from a jump in oil prices. Crude futures traded in New York averaged about $90 per barrel in the third quarter, up 18 percent from a year-ago, and Brent crude rose soared 48 percent.

• Read more

(Reuters) - U.S. patent records point to a possible conflict of interest in an Olympus investment in a cookware company, raising more questions for investors demanding a full explanation from the Japanese company of acquisitions that made heavy losses. A venture capitalist who managed an Olympus fund that invested $225 million in the new enterprise was part-owner of a cookware patent which he transferred to the target business, just as Olympus was pouring money into it, various documents appear to show.

• Read more

(Reuters) - Stocks erased early gains on Wednesday, with the Dow and S&P well off their highs and the Nasdaq negative, on caution over a European summit to resolve the debt crisis and the economic outlook. Equities rose as much as 1 percent before losing some of those gains and the Nasdaq fell as much as 1 percent, weighed down by Amazon.com's (AMZN.O) disappointing outlook, before recovering some losses.

• Read more

(Reuters) - The incoming head of the European Central Bank threw the euro zone a lifeline hours before a crucial summit on Wednesday by signaling the bank would go on buying troubled states' bonds to combat market turmoil. Mario Draghi delivered the message that financial markets have been waiting for about ECB intentions as leaders of the 17-nation single currency area struggled to agree a convincing comprehensive plan to resolve the bloc's sovereign debt woes.

• Read more

(Reuters) - New single-family home sales rose at their fastest pace in five months in September, a government report showed on Wednesday, but sustained price declines indicated the housing market is far from recovery. The Commerce Department said sales increased 5.7 percent to a seasonally adjusted 313,000-unit annual rate, as sales in the South logged their fastest pace since April 2010, offsetting a steep decline in the Midwest.

• Read more

(Reuters) - The U.S. Securities and Exchange Commission said in a statement on Wednesday that it has filed insider trading charges against former Goldman Sachs director and former global head of McKinsey & Co, Rajat Gupta. * US SEC says also brings new charges against Raj Rajaratnam.

• Read more

(Reuters) - Ford Motor Co posted a lower third-quarter profit after taking a hit from plunging metals prices and sustaining losses in its European and Asian operations. The No. 2 U.S. automaker also cut its full-year forecast for automotive operating profit margins, suggesting a weaker-than-expected fourth quarter. It cited slowing growth in China, pricing pressure in Europe and provided no timetable for when it might resume paying a long-anticipated dividend.

• Read more

(Reuters) - Stocks fell on Tuesday after discouraging corporate outlooks cast a pall over the economy's outlook, while fresh doubts arose about European efforts to find a solution to the debt crisis. A meeting by euro zone finance ministers on Wednesday was canceled, but European Union and euro zone leaders still planned to hold a summit on the issue on Wednesday as scheduled.

• Read more