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It has been reported that U. S. markets closed higher for the third consecutive trading session on Thursday, a turnaround after seven straight sessions with declines.

According to the latest reports, the International Monetary Fund increased its growth projection for the global economy to 4.6 percent, compared with April's estimate of 4.2 percent growth. In Washington, the Labor Department said 454,000 first-time jobless claims were filed in the week ending July 3, 21,000 fewer than the previous week.

The U. S. Environmental Protection Agency said on Thursday that Monsanto Co. Inc. has agreed to pay a $2.5 million fine for distributing a mislabeled pesticide.

The EPA also said that the fine is the largest civil penalty ever levied under the Federal Insecticide, Fungicide and Rodenticide Act.

The EPA further added that the mislabeled toxins were sold and distributed for use on cotton seed and contained genetically engineered pesticides.

The company said on Thursday that an unidentified Asian nation is to receive C4I systems from the Harris Corporation under a $99 million deal.

It said the order for its new multi-level system for command and control, communications, computers and intelligence, include the company's Falcon III and Falcon II tactical radios, including the RF-7800S Secure Personal Radio, RF-7800M Multiband Networking Radio, RF-7800V VHF Combat Net Radio, RF-7800W High-Capacity Line-of-Sight Radio and the RF-5800H High Frequency Radio.

Spurred by gains in equity markets, Crude oil prices tracked higher on Thursday, holding above $75 per barrel on the New York Mercantile Exchange.

It has been reported that markets were higher in Asia and Europe. On Wall Street equities closed higher for the third consecutive trading session.

Adding $1.76 from a prior settlement, August delivery light, sweet crude oil, which added close to $3 on Wednesday, went up to $75.83 per barrel.

Heating oil prices for August gained 0.0268 cents to $2.0055 per gallon.

The Department of Transportation said on Thursday that the on-time performance of U. S. airlines declined in May compared with April and May a year ago.

The on-time performance record for the 18 largest carriers in the country dropped to 79.9 percent in May, down from 85.3 percent in April and 80.5 percent in May 2009.

It has also been reported that in May, flight cancellations rose from 0.9 percent of scheduled flights a month ago to 1.2 percent, but baggage handling improved.

Director Sudhir Mishra of Hazaaron Khwaishein Aisi and Chameli fame is in a dilemma these days with two prospective titles of his upcoming film.

According to the reports, Mishra has already completed the film but the release is delayed due to this title dilemma. The comic thriller film stars his favorite actress Chitrangada Singh, Irrfan Khan, Arunodoy Singh and Aditi Rao.