MARKETS / FINANCE

U.S. stocks fell on Wednesday on worries that rising interest rates could put a damper on consumer and business spending, but stocks pared losses late in the session to finish off the day's lows.

U.S. economic conditions were weak or got worse through May, but some areas of the country saw signs the contraction was moderating, a Federal Reserve report said on Wednesday.

The Obama administration on Wednesday named Kenneth Feinberg, the lawyer who oversaw the government's compensation fund for victims of the September 11, 2001, attacks, as its pay czar to police compensation of top earners at companies receiving exceptional government aid.

Oil prices surged to a seven-month high near $72 a barrel on Wednesday after a U.S. government report showed a slowdown in crude imports eating away at inventories in the world's top energy user.

Stocks fell on Wednesday on worry that rising interest rates could put a damper on consumer and business spending.

U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration wants to give the Securities and Exchange Commission power to give shareholders a stronger say over executive pay.

Stocks fell on Wednesday on worry that rising interest rates could put a damper on consumer and business spending.

A U.S. money manager who ran a financial planning firm has been arrested on charges of defrauding clients of more than $6 million by stealing from their accounts, authorities said on Wednesday.

U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration wants Congress to pass new laws giving securities regulators power to force companies to let shareholders have more say in setting executive pay levels.

Treasury secretary, Timothy Geithner, said on Wednesday the government is not trying to cap executive pay following the proposals it made on pay packages.

Job-seekers are using unusual gimmicks to grab the attention of potential employers, such as in one case sending a shoe along with a resume to get a foot in the door, said a survey released on Wednesday.

U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration wants to give the Securities and Exchange Commission power to give shareholders a stronger say over executive pay.

“The worst is to come” as commercial mortgage defaults will rise in the two or three years after the current economic slowdown ends, the chief investment officer at U.S. insurer and financial services provider Metlife Inc said on Wednesday, according to Bloomberg.

The Obama administration on Wednesday will name a pay czar with the power to reject compensation plans for top employees at companies receiving exceptional government aid, an administration official said on Wednesday.

Oil topped $71 a barrel on Wednesday for the first time in seven months on signs demand for crude could be recovering, with U.S. inventories falling by more-than-expected last week and the Department of Energy raising its forecast for global demand.

Stocks fell on Wednesday, with the Nasdaq dropping 1 percent, on concern that surging oil prices may hurt an economic recovery, pulling down shares of technology companies and big manufacturers.

The U.S. trade gap widened to $29.2 billion in April as exports weakened again in a reflection of waning global demand, a U.S. government report on Wednesday showed.

Spiking U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.

The brutal pace of job losses on Wall Street may be slowing, but experts remain cautious about whether this means a quick turnaround is on the way.

More Australian companies are blocking access to social networking websites such as Twitter and Facebook, trying to make employees more productive in a sagging economy, the country's dominant phone company says.

Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 1.3 percent, Dow Jones futures up 1.2 percent and Nasdaq 100 futures up 1.1 percent.

Citigroup Corp. announced a finalized deal with the U.S. government on Wednesday that could add up to $58 billion in common equity to the company, with chief executive Vikram Pandit saying the move would make the bank among the best capitalized in the world.

Stocks headed for a higher open on Wednesday, as surging prices for oil and other commodities drove a global equities rally and Home Depot raised its outlook.

Stock futures pointed to a sharply higher open on Wednesday, as surging prices for oil and other commodities drove a global equities rally and Home Depot raised its outlook.

Stock futures pointed to opening gains of more than 1 percent on Wednesday, following a rally in global stock markets underpinned by higher commodity and energy prices.

U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 1.3 percent, Dow Jones futures up 1.2 percent and Nasdaq 100 futures up 1.1 percent.

Australian Dollar: The Australian Dollar stole back some of its recent losses against the Greenback over night, moving back above the 80 cent level for the first time in 3 days.

European Union leaders will call at a summit next week for rapid progress on agreeing and implementing new financial regulations to prevent another global economic crisis, a draft summit declaration showed on Wednesday.

A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.