IBT Staff Reporter

Upbeat earnings from companies including chip maker Intel lifted stocks and boosted appetite for riskier assets on Wednesday, driving commodities higher and the Australian dollar to a 29-year high versus the dollar.

Bank of America Corp plans to spin off its last large private equity fund, with more than $5 billion in assets, and has no plans to make new private equity investments, a company spokesman said on Tuesday.

The high-profile insider trading trial of hedge fund manager Raj Rajaratnam enters its closing phase on Wednesday and will turn on whether prosecutors or defense lawyers can summarize their case in a way that most resonates with jurors.

Asian stocks rose on Wednesday as strong results from chip maker Intel Corp prompted a rally in tech shares, while renewed strength in metals prices boosted materials companies and also lifted the commodity-linked Australian dollar.

Lady Gaga dishes double stunners with 'Born This Way' album and NME magazine covers (Photos) along with a brash interview.

President Barack Obama may face a tough audience when he brings his tax-hike-for- billionaires message to Facebook on Wednesday -- Silicon Valley is full of the sort of people the president wants to pay more taxes.

Japan's exports fell in March at a faster pace than economists expected, in a sign that shipments will continue to weaken and hurt economic growth after last month's earthquake and tsunami sparked a nuclear crisis and disrupted supply chains for many manufacturers.

Intel Corp forecast revenues well above Wall Street's targets, sending its shares higher in after hours trade.

Strong results from a clutch of technology heavyweights, led by top global chip maker Intel Corp and cloud computing specialist VMware Inc, may give the battered U.S. tech sector a boost.

Asian stocks rose on Wednesday as strong results from chip maker Intel Corp prompted a rally in tech shares, while renewed strength in metals prices boosted materials companies and also lifted the commodity-linked Australian dollar.

Brent crude rose to $122 a barrel on Wednesday as a rebound in equities and a larger than expected draw on U.S. oil product stocks helped ease fears over eroding demand.

Luxury car makers that have learned the ropes in the familiar markets of Europe and the United States are having to adapt to new ways in China, but with the market expected to boom, they have little choice but to get on board.

Japan's top three banks are planning to book a combined loss of 160 billion yen ($1.9 billion) on their stakes in Tokyo Electric Power <9501.T>, whose shares have tumbled sharply due to the crisis at its crippled nuclear plant, sources said on Wednesday.

Shares of Toshiba Corp jumped 4 percent on Wednesday after a newspaper report that Apple Inc would invest in its production of small smartphone-use displays, dropping Sharp from the running for that business in Japan.

Brent crude held steady above $121 a barrel on Wednesday as a rebound in equities and a larger than expected draw on U.S. oil product stocks helped ease fears over eroding demand.

Intel Corp forecast quarterly revenues well above Wall Street's estimates, defying fears the world's top chip maker is struggling to find its footing as personal computer sales growth wanes.

Japan's exports fell in March from a year earlier at a faster pace than economists expected, in a sign that shipments will continue to weaken and hurt economic growth after last month's earthquake and tsunami sparked a nuclear crisis and disrupted supply chains for many manufacturers.

Yahoo Inc posted quarterly earnings that topped Wall Street targets, and its shares rose more than 3 percent as Chief Executive Carol Bartz said the number of users and time spent at Yahoo sites rose from a year ago.

Fiat SpA's plans to get majority ownership of U.S. No.3 car maker Chrysler are likely to continue to attract investors' attention when the Italian carmaker reports first quarter results on Wednesday.

Yahoo Inc posted quarterly revenue slightly ahead of Wall Street targets and shares rose 3 percent.

Global makers of products from motorcycles to mobile phones are finding it harder to get the parts they need after Japan's earthquake and tsunami wrecked supply chains, and investors worry that the worst is yet to come for earnings.

Goldman Sachs's commodities risk rose for the first time in a year during the first quarter as it staked 60 percent more money than the previous quarter to trade in rallying raw materials market.

Motorola Mobility changed the launch target date for Bionic, its next key phone for Verizon Wireless to this summer, potentially making the device a quarter later than expected.

U.S. oil rose on Tuesday in volatile trade as a weaker dollar and stronger equities lifted prices and offset concerns over sovereign debt and uncertain demand prospects.

The patent case between Microsoft and i4i argued yesterday before the Supreme Court could have ripple effects throughout the technology industry, as Microsoft is seeking to make it easier to prove patents aren't valid.

Research In Motion's PlayBook tablet computer launched in thousands of stores on Tuesday and mostly stayed there, a grim reminder of Apple's lasting allure for tech-hungry consumers.

Goldman Sachs Group Inc's profits fell 72 percent and one of the few businesses that performed well for the bank -- investments and trading with its own funds -- faces regulatory restrictions in the future.

Intel Corp forecast quarterly revenues well above Wall Street's estimates, defying fears the world's top chip maker is struggling to find its footing as personal computer sales growth wanes.

Sprint and Clearwire kiss and make up over a wholesale pricing dispute, the latter commits one billion to the former.