Crude oil closes at new record

NEW YORK -- Crude futures rose to record levels Friday, supported by worries over political tensions in the Middle East, an attack on an oil vessel off Nigeria by anti-government militants, and suggestions OPEC oil shipments are not rising as quickly as expected. While rising more than $1, crude futures retreated from an earlier all time high above $92. Light, sweet crude for December delivery rose $1.40 to settle Friday at a record $91.86 a barrel on the New York Mercantile Exchange.

Countrywide reports huge loss

LOS ANGELES -- Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year. It was Countrywide's first quarterly loss in 25 years. Shares jumped $4.23, or 32.4 percent, to close at $17.30 on Friday. Countrywide's loss amounted to $2.85 per share for the July-September period in contrast to a profit of $647.6 million, or $1.03 per share, a year ago.

Macy's makes deal with Hilfiger

ATLANTA -- Retailer Macy's said Friday it signed an accord with Tommy Hilfiger USA to be the exclusive U.S. department store retailer of the design company's men's and women's sportswear starting in fall 2008.