AP - Once-reclusive China commandeered the world stage Friday, celebrating its first-time role as Olympic host with a stunning display of pyrotechnics and pageantry.

AP - Russia sent columns of tanks and reportedly bombed Georgian air bases Friday after Georgia launched a major military offensive Friday to retake the breakaway province of South Ossetia, threatening to ignite a broader conflict.

Reuters - Oil fell $4 to below $116 on Friday in line with declines across the commodities complex as weaker demand and a stronger U.S. dollar outweighed concern conflict in Georgia could disrupt Caspian energy supplies.

Reuters - Fannie Mae on Friday posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.