With prices for top-tier works of art at an all-time high, records for paintings and sculpture appear certain to fall at upcoming spring auctions in New York by Christie's and Sotheby's.

Billionaire investor Daniel Loeb said on Friday his hedge fund has taken a new position in Yum! Brands (YUM.N), sending the fast-food restaurant company's stock up nearly 7 percent.

U.S. aviation regulators are talking to drone makers and service providers about testing commercial drones that can fly beyond an operator's visual line of sight, currently banned for safety reasons, according to people with knowledge of the discussions.

Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar.

U.S. shares rebounded sharply on Friday on gains in healthcare and technology stocks, while the dollar rose from nine-week lows on signs that the U.S. economy may be stabilizing.

Rocket Internet, a tech investor focused on emerging market ventures, has reduced its stakes in two of its Europe-focused financial services start-ups after facing setbacks there, Germany's Spiegel magazine said.

Another day, another shock for investors in social media stocks. Shares of LinkedIn Corp, operator of the most popular social network for professionals, fell 20 percent in early trading on Friday, wiping out more than $6 billion of market value, after the company slashed its full-year forecast.

Manufacturing activity growth remained sluggish in some of the world's major economies in April, suggesting that global economic growth remains "moderate and uneven," as the International Monetary Fund described it in its World Economic Outlook in April.

U.S. auto industry sales in April came in below expectations as Asia's major carmakers' results disappointed, offsetting strong gains for trucks and SUVs made by General Motors (GM.N) and Ford (F.N).

Ford Motor Co (F.N) said it was expanding a recall to include 156,000 more vehicles to fix a potential door latch malfunction.