Reuters – The leaders of Germany and France pledged on Thursday to work together on financial regulation and the euro zone crisis after European discord over debt and new market rules rattled investors worldwide.

AP – Heavy discounts on appliances squeezed Sears Holdings Corp. in the first quarter even as its revenue rose, bolstered by federal rebates for those same appliances.

AP – Lawmakers have agreed on legislation to extend expanded jobless benefits for the long-term unemployed through the end of the year. Laid-off workers would also continue to get subsidies to buy health insurance through the COBRA program.

Reuters – Trading systems briefly broke down at hedge fund firm Citadel Investment Group and trading firm Knight Capital Group Inc when the stock markets plunged on May 6, the Wall Street Journal said.

AP – It’s a good time to buy a car, refinance a mortgage, hit the road or shop for clothes.

CQPolitics.com – The chairmen of the House and Senate tax-writing committees unveiled a compromise package of tax cuts and benefit extensions Thursday as Democrats began a tough push to clear the measure before the Memorial Day recess.

AP – The Securities and Exchange Commission will propose new rules covering cancellation of trades in the wake of the May 6 stock market plunge, the agency’s chairman told a Senate panel Thursday.

AP – German Chancellor Angela Merkel urged the world’s economic powers to send a “signal of strength” by agreeing to stronger global financial regulation, as markets sagged on doubts about whether European leaders have a handle on their continent’s debt crisis.

AP – Oil prices plunged nearly 8 percent Thursday, tumbling to their lowest level in 10 months as concerns over the European economy sent traders rushing out of oil investments.

AP – Stocks plunged again Thursday as more investors woke up to the possibility that economic problems such as Europe’s debt crisis might spread around the world and stop the growing recovery in the U.S.