MARKETS / FINANCE

The Dow industrial average fell for the fourth straight day on Wednesday, while the S&P 500 and Nasdaq gained although well off their session highs, after the U.S. Federal Reserve reiterated concerns about the economic outlook.

The U.S. government will very soon launch its program to use federal funds and private capital to buy banks' toxic assets, the new overseer of the government's $700-billion bank bailout fund said on Tuesday.

U.S. securities regulators proposed tough new rules for money market funds to help avoid a repeat of what happened when the collapse of the Reserve Primary Fund triggered a wave of redemptions in the $3.67 trillion market.

The Dow industrials turned negative and the broader market pared gains on Wednesday as the Federal Reserve said the economy would remain weak for a time, denting optimism about the strength of a rebound.

Stocks cut gains further and the Dow turned negative on Wednesday after the Federal Reserve said the economy was likely to remain weak for a time and investors remained nervous over the threat of inflation.

Facing concerns about the amount of financial stimulus needed to keep the economy from speeding up too quickly, the Federal Reserve on Wednesday said inflation will remain subdued for some time, keeping its key interest rate unchanged and said it would modify its program to buy mortgage-backed securities “as warranted.”

An unexpected jump in U.S. durable goods orders last month backed hopes that the economy was healing, but news from the hard-hit housing market remained mixed.

Decisions over restitution for the thousands of investors defrauded by Bernard Madoff have been deferred for three months, the U.S. judge who will sentence the confessed swindler on June 29 ruled on Wednesday.

The global population of high net worth individuals fell 14.5 last year along with the economy, according to a new report.

Being able to use a mobile phone for money transfers, bill payments and even savings would give some of the world's poorest people the chance to become part of the financial system, telecom providers and bankers have said.

Stocks gained on Wednesday after software maker Oracle's results beat expectations and durable goods orders jumped unexpectedly, giving more hope that the economy is rebounding.

U.S. stocks rose broadly on Wednesday as durable goods orders jumped unexpectedly, reinforcing the belief the economy was healing, while quarterly results from software maker Oracle boosted technology shares.

U.S. securities regulators are considering tough new rules for money market funds to help avoid a repeat of what happened when the collapse of the Reserve Primary Fund wreaked havoc on the $3.67 trillion market.

The world's rich lost nearly 20 percent of their total wealth in 2008 as volatile markets wiped out two years of growth, a Merrill Lynch study showed on Wednesday.

Sales of newly built U.S. single-family homes slipped slightly in May, according to Commerce Department data on Wednesday that underscored that conditions in the hard-hit housing market remain fragile.

Sales of newly built U.S. single-family homes slipped slightly in May, according to Commerce Department data on Wednesday that underscored that conditions in the hard-hit housing market remain fragile.

Stocks rose broadly on Wednesday as surprisingly strong durable goods orders and quarterly results from software maker Oracle reinforced the belief the economy was stabilizing.

Oil rose above $69 a barrel on Wednesday, supported by news of a bigger-than-expected draw in U.S. crude oil stocks and growing geopolitical troubles in some OPEC member countries.

New orders for long-lasting U.S. manufactured goods rose by a much stronger-than-expected 1.8 percent in May, Commerce Department data on Wednesday showed, providing further evidence that the battered U.S. economy was finding its feet.

New orders for long-lasting U.S. manufactured goods rose by a much stronger-than-expected 1.8 percent in May, Commerce Department data on Wednesday showed, providing further evidence that the battered U.S. economy was finding its feet.

Stocks rose broadly on Wednesday as surprisingly strong durable goods orders and quarterly results from software maker Oracle reinforced belief the economy was stabilizing.

Oil dipped below $69 a barrel on Wednesday, falling back after U.S. industry data showed gasoline reservoirs swelled unexpectedly, despite growing geopolitical troubles in some OPEC member countries.

The Federal Reserve is expected to emphasize the U.S. economy's fragile state in a policy statement on Wednesday as it talks down expectations for a rate hike this year and holds fire on expanding asset purchases.

Wall Street was set for a higher open on Wednesday after data showed surprisingly strong May durable goods orders and ahead of a Federal Reserve policy meeting later in the day.

The Federal Reserve on Wednesday resumed a two-day meeting that was expected to end with a statement emphasizing the U.S. economy's fragile state, an effort to dissuade financial markets from expecting an increase in interest rates this year.

The Australian Dollar opens higher on Wednesday at 0.7935 after a renewed bout of greenback weakness overnight as concerns swept offshore markets that the US Federal Reserve may hose down expectations of an interest rate increase this year in an attempt to lower borrowing costs.

Commodity index traders had snapped up more than 200,000 wheat contracts by mid-2008 that helped fuel last year's record jump in prices, which ended up raising costs for both industry and consumers, according to a year-long bipartisan Senate probe.

Citigroup Inc intends to raise employees' base salaries by as much as 50 percent this year to offset smaller annual bonuses, the New York Times said, citing people with direct knowledge of the plan.

Stock index futures pointed to a higher open on Wednesday with the Federal Reserve expected to soothe recent concerns that it could hike interest rates later this year as the economy shows signs of stabilizing.