UNITED STATES

The Nasdaq jumped 1 percent on Tuesday, reversing an earlier steep drop as tech shares rose and the overall stock market trimmed losses on comments from Federal Reserve Chairman Ben Bernanke that he was ready to take more steps to help the fragile recovery.

The Federal Reserve is prepared to take further steps to help an economy that is close to faltering, Fed chairman Ben Bernanke said on Tuesday in his bleakest assessment yet of the fragile U.S. recovery.

Investigators from the Government Accountability Office report that thousands of Medicare beneficiaries are doctor shopping to receive huge bulks of prescription drugs.

The Federal Reserve is prepared to take further steps to help a fragile economic recovery held back by a weak job market and financial stresses in Europe, Fed Chairman Ben Bernanke said on Tuesday.

Starbucks CEO Howard Schultz has taken the U.S.’s lack of jobs growth in to his own hands, of sorts. Starbucks and the Opportunity Finance Network have started a new fund to make loans to small businesses and other organizations to spur jobs growth. Every $5 donated will result in $35 in loan money made available.

Hedge funds posted their worst returns in three years in the third quarter, and the fourth quarter appears to be off to an equally rocky start.

The day Apple maniacs have long awaited is finally here and IBTimes plans to offer the most comprehensive live coverage of Apple's Oct. 4 Let's Talk iPhone announcement event.

Shoppers hunting for back-to-school deals gave a nice boost to U.S. discount chains in September, though the rocky stock market and economic malaise may have curbed some people's desire to spend more.

Gold price declines turned into a gold price plunge in midday trading Tuesday as stock exchanges pared losses, U.S. Treasuries fell and the dollar reversed its earlier gains to turn modestly lower.

A secondary offering of shares in Lions Gate Entertainment Corp by affiliates of billionaire investor Carl Icahn has been put on hold due to poor market conditions, a source with direct knowledge of the process said.

Sprint stock fell 10 percent to $2.73 Monday after the Wall Street Journal reported that the wireless carrier has committed to ordering at least 30.5 million iPhones, costing $20 billion, in preparation for the new phone's launch. On Tuesday, the stock fell an additional 12 percent to $2.40 by 11 a.m.

Tuesday’s early morning drop has taken the S&P 500 Index down over 20 percent from its May 2 high. Although there is no official definition of a bear market, one commonly accepted metric is falling 20 percent over an extended period.

Gold prices turned lower on Tuesday, surrendering early gains as it was caught up in hefty losses across the financial markets due to heightened concerns over the prospect of a Greek default.

The U.S. economy is still suffering from a shocking drop in homeowners' equity and reforms are needed in how mortgage loans are originated and handled, Federal Reserve Governor Sarah Bloom Raskin said on Tuesday.

Rick Perry's presidential campaign is sinking fast, and Herman Cain's is on the rise, according to a Washington Post-ABC News poll released Tuesday. Perry has fallen 13 percent and Cain has risen 12 percent.

After clamming up for months about the release of the most anticipated smartphone - iPhone 5 - this year, Apple has finally decided to sing. But it's not singing aloud - with a three word cryptic invitation, “Let’s talk iPhone” send out to the media, Apple has indicated that it will announce the launch of iPhone 5 on Oct. 4. And, nothing more.

New orders for factory goods fell for the second time in three months in August, putting into question strength in the manufacturing sector which had led the economic recovery.

Stocks tumbled on Tuesday with the S&P 500 sliding into bear market territory as European officials delayed a vital aid payment to debt-stricken Greece but the government said it was not preparing for a default.

The Federal Reserve is prepared to take further steps to help an economic recovery that is close to faltering, Fed Chairman Ben Bernanke said on Tuesday.

Washington Mutual Inc said it could end its three-year bankruptcy by November, allowing it to distribute $7 billion to creditors, if a judge limits the scope of outstanding disputes to be mediated.

Although Apple has sent out Let's talk iPhone invitations to the press and it is highly likely that it will announce the release information of iPhone 5 at the Oct. 4 event, people can hardly wait to catch a glimpse of the next generation iPhone.