The U.S. trade deficit narrowed for a record sixth consecutive month in January to the lowest level in six years as imports and exports both slumped on weak domestic demand, government data showed on Friday.

Oil held above $40 a barrel on Wednesday after a 4 percent rally in the previous session, as equities gained and investors looked ahead to U.S. inventory data expected to show rising supplies.

Bear Stearns Shareholders Approve JPMorgan Sale; Sears Expects More Pain After Loss; Weak Economy Emboldening Costco; Pacific Rim GDP Growth; Staff Reduction at GM.