UNITED STATES

Stocks rose on Wednesday as unexpected increases in home sales and orders for durable goods fueled hopes the economic downturn may have found a bottom, lifting shares of big manufacturers, banks and home builders.

Sales of newly built U.S. single-family homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday.

President Barack Obama's fellow Democrats in the U.S. House of Representatives on Wednesday proposed slimming down his fiscal 2010 budget to $3.45 trillion from $3.55 trillion amid bipartisan concerns about it exploding the deficit.

Sudanese President Omar Hassan al-Bashir held talks in Cairo on Wednesday with Egypt's president, defying an arrest warrant issued by the International Criminal Court on charges of war crimes in Darfur.

Russia backs the idea of talks between Afghanistan's government and moderate elements of the Taliban, a senior Russian diplomat told Interfax news agency on Wednesday.

Ford has moved a step closer to a sale of its loss-making Swedish brand, Volvo Car Corp, opening detailed discussions with potential buyers, it said in a message to Volvo employees on Wednesday.

Mexicans desperate for an end to drug gang murders, abductions and extortion saw a glimmer of hope on Tuesday as the United States vowed to tighten security on the increasingly violent border.

American International Group's aircraft leasing unit may need additional financing from its cash-strapped parent or a third party to meet its obligations.

Less than a year after rolling out what it called a free global jukebox, Last.fm is now doing away with free radio listening, except in the U.S, UK and Germany.

Israeli Prime Minister-designate Benjamin Netanyahu said on Wednesday his government would be a partner for peace with the Palestinians, but made no mention of their U.S.-backed quest for statehood.

Stocks jumped on Wednesday as upbeat housing and durable goods data fueled hopes that the toll taken by the recession may be abating, lifting shares of big manufacturers, banks and home builders.

New U.S. orders for long-lasting manufactured goods rose in February for the first time in seven months, according to a government report on Wednesday brought some cheer to an economy mired in recession.

New U.S. orders for long-lasting manufactured goods unexpectedly rebounded in February, rising for the first time in seven months, according to a government report on Wednesday that could bring some cheer to an economy mired in recession.

Treasury Secretary Timothy Geithner on Wednesday said he will soon outline proposals for new, tougher requirements on major financial firms to protect the financial system and new rules to prevent financial fraud and abuse against consumers and investors.

American Express Co may have to set aside a significant amount of money to cover more losses in the next few quarters as U.S. credit card defaults are expected to remain high, analysts at J.P. Morgan Securities said, as they reinitiated the stock with an underweight rating.

The world's top cell phone maker Nokia has bought a minority stake in Obopay, enabling the U.S. mobile money firm to extend its product offering and geographical presence.

President Barack Obama said on Tuesday he was seeing signs of progress in his drive to lead the United States out of economic crisis as he sought to reassure recession-weary Americans he was on the right track.

Wall Street looked set to rise at the open on Wednesday as investors were encouraged by data showing signs the economic downturn was moderating, and by positive comments from President Barack Obama.

U.S. electricity prices are likely to rise 15 to 30 percent if a national cap on carbon dioxide emissions is instituted, according to a report by Moody's Investors Service.

The Obama Administration is carving out renewable energy zones across the country and offshore, and is preparing to work with critics who object to wind turbines or solar farms near wilderness or tourist areas, Interior Secretary Ken Salazar said on Tuesday.

U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.