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Wall Street reversed early losses to trade modestly higher, as investors monitored record oil prices but laid bets that the U.S. economy and companies are in recovery mode.

Oil futures blasted to a new record on Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages.

The job cuts came as the largest Swiss bank announced a first-quarter loss of about $10.9 billion.

The media conglomerate, under scrutiny as an indicator of whether weakness is seeping deeper into the economy, said that operating income in its parks and resorts unit rose 33 percent.

The food and household products manufacturer said that its third-quarter profit doubled, but the results fell short of Wall Street expectations.

Cisco, a bellwether stock for the technology industry, reported that net income in the third quarter declined 5.4 percent, to $1.8 billion, but that revenue rose 10 percent.

The telecommunications company said it earned $157 million in the first quarter, down from $240 million a year ago, on sharply higher tax expenses.

A federal judge says Roger Clemens can keep his lawyer in the defamation lawsuit against his former trainer, who accused the pitcher of using performance-enhancing drugs.

The nation’s largest homebuilder posted a second-quarter loss of $1.31 billion as a sustained housing slump forced it to take hefty charges to write down the value of its inventory.

The New York Jets re-signed veteran cornerback Hank Poteat to a one-year deal Tuesday.

NCAA president Myles Brand wants college teams concerned as much about academic scores as final scores. If they aren't, they might be barred from NCAA tournaments.

Alex Rodriguez passed out during the birth of his first daughter.

Wall Street is buzzing that Bank of America’s offer for Countrywide Financial Corporation, the troubled mortgage giant, may be unraveling.

Newsday's Barbara Barker thinks the Chicago White Sox should dismantle a sexist 'shrine' in their clubhouse. Ozzie Guillen, for one, disagrees.

Newsday's Ed McNamara says the criticism of horse racing in light of Eight Belles' death is overheated.

The Lightstone Group, which made one of the last big real estate deals before the credit squeeze, has defaulted on loans for two apartment complexes and is trying to renegotiate other loans.

Regulators are asking whether Freddie Mac and Fannie Mae, which reported a $2.2 billion first-quarter loss on Tuesday, will soon need saving themselves.