Nervous investors send S&P lower for fifth day

NEW YORK (Reuters) - Stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery.

Facebook wraps up IPO, set for big Friday pop

SAN FRANCISCO/NEW YORK (Reuters) - Facebook Inc is set to raise up to $18.4 billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday. Frenzied demand, especially from individual investors hoping to buy into an Internet juggernaut that touches hundreds of millions of people every day, is expected to drive Facebook well above its initial public offering price of $3

JPMorgan's Dimon says will testify before Congress

WASHINGTON (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank's recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws.

Gupta trial could feature big corporate stars

NEW YORK (Reuters) - Lloyd Blankfein, Warren Buffett and other well-known chieftains of corporate America might be called to testify at the insider trading trial starting on Monday of former Goldman Sachs Group Inc and Procter & Gamble Co director Rajat Gupta.

JPMorgan unit has $100 billion in securitized assets, structured debt: FT

(Reuters) - The unit at the center of JPMorgan Chase & Co's recently revealed $2 billion trading loss has built up more than $100 billion in positions in asset-backed securities and structured products, the Financial Times said on Thursday.

Buffett tried to buy ResCap before bankruptcy: report

(Reuters) - Billionaire investor Warren Buffett sought to buy Residential Capital (ResCap) from Ally Financial before the U.S. auto and mortgage lender put its home-lending unit into bankruptcy, Bloomberg said, citing three persons familiar with the matter.

Japan government ups economic outlook on consumption, exports

TOKYO (Reuters) - Japan's government took a brighter view of the economy in a report on Friday, thanks to improvements in private consumption and exports, but it warned that Europe's debt crisis and financial market swings could worsen the outlook.

Canada OKs Osiris drug; first stem cell therapy

BOSTON (Reuters) - Osiris Therapeutics Inc said on Thursday that Canadian health regulators have approved its treatment for acute graft-versus host disease in children, making it the first stem cell drug to be approved for a systemic disease anywhere in the world.

MF Global clients bash fat fees, seek quick wind-down

(Reuters) - The legal team winding down MF Global's bankruptcy estate, led by former FBI director Louis Freeh, has racked up nearly $25 million in estimated fees since its November 25 appointment.

BNY Mellon, IRS spar over $900 million tax benefit

WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse."