IBT Staff Reporter

Gold prices rallied to a record high $1,497.20 an ounce on Monday after Standard & Poor's downgraded its credit outlook for the United States and as investors worried about debt in the euro zone and inflation in China.

Standard & Poor's on Monday downgraded its credit outlook for the United States, citing a risk that policymakers may not reach agreement on a plan to slash the huge federal budget deficit.

Check out scenes from the music festival which took place in California.

Oil fell sharply on Monday after ratings agency S&P cut its U.S. credit outlook to negative and OPEC ministers said high prices could place a major strain on consumer countries' economies.

General Electric Co, Google Inc, and two Japanese partners will invest about $500 million in a wind farm under construction in Oregon, the partners said on Monday.

Taxpayers have turned to electronic tax filing in record numbers ahead of the April 18 deadline, with 1 in 3 people in the U.S. choosing to do so, the Internal Revenue Service said Monday.

Mobile-phone users across the globe will be able to take a virtual walk up the aisle of Westminster Abbey ahead of Prince William and Kate Middleton's wedding.

Citigroup Inc's first-quarter profit fell 32 percent as shrinking loans and poor trading results pressured revenue while expenses surged.

During an interview with 60 minutes, Microsoft co-founder Paul Allen Allen talks about the early days of Microsoft, his battles with cancer, and what it was like to be made miserable by the richest man in the world.

The European Commission has ruled that member states open two radio frequencies to the newest generation of mobile devices to enable faster Internet use on the move.

Standard & Poor's on Monday downgraded the outlook for the United States to negative, saying it believes there's a risk U.S. policymakers may not reach agreement on how to address the country's long-term fiscal pressures.

Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker.

A supernova remnant may be evidence that a star visible in daylight coincided with the birth of King Charles II of England.

Citigroup Inc's first-quarter profit fell 32 percent, slightly beating expectations, as the bank lost less money on bad loans. The third-largest U.S. bank said it earned $3.0 billion, or 10 cents per share, down from $4.4 billion, or 15 cents per share, a year earlier. Analysts on average had expected 9 cents per share, according to Thomson Reuters I/B/E/S.

Standard & Poor's on Monday downgraded the outlook for the United States to negative, saying it believes there's a risk U.S. policymakers may not reach agreement on how to address the country's long-term fiscal pressures.

Oilfield service company Halliburton Co's quarterly profit topped Wall Street forecasts as a surge in its North American business overshadowed a hit to its Libyan operations.

Lukewarm sales of the 3DS, released Feb. 26 in Japan, have fueled speculation that Nintendo's latest handheld may not see the success enjoyed by its predecessor.

U.S. homebuilder sentiment slipped a notch in April as home prices continued to fall in most areas of the country amid widespread foreclosures, a survey released on Monday showed.

Treasury Secretary Timothy Geithner's statements on Sunday that Congress will raise the U.S. debt ceiling in the coming months are in line with separate recently-proposed long-term plans by the Democratic and Republican leadership in Congress and the White House to increase the debt by trillions of dollars in the next decade.

U.S. stocks tumbled on Monday as Standard & Poor's downgraded the credit outlook of the United States, adding to worries about the global economy after China curbed liquidity.

Citigroup Inc's first-quarter profit fell 32 percent as bond trading revenue plunged and operating expenses jumped.

Boeing Co said on Monday that it had gotten approval from regulators in several countries for flight training campuses for its 787 Dreamliner, which is due for first delivery this year.

The United States Attorney for the District of Connecticut announced that John Bryk, 61, of Trumbull, has waived his right to indictment and pleaded guilty before United States District Judge Janet C. Hall in Bridgeport to one count of conspiracy to make a false statement in a Department of Housing and Urban Development transaction.

CVS Pharmacy Inc., the retail pharmacy division of CVS Caremark Corporation that operates more than 7,000 retail pharmacies in 41 states and the District of Columbia, has agreed to pay the United States and 10 states $17.5 million to resolve False Claims Act allegations, the Justice Department said.

Two former Washington D.C. tax preparers have been indicted on tax charges, the Justice Department and Internal Revenue Service (IRS) has announced.

The Justice Department has filed a lawsuit in federal court in San Juan, Puerto Rico, charging the Puerto Rico Department of Justice (PRDOJ) with employment discrimination for failing to provide a reasonable accommodation to an employee with a disability, as required by the Americans with Disabilities Act (ADA).

Oil fell more than $2 on Monday after ratings agency S&P cut its U.S. credit outlook to negative, adding to losses sparked by top exporter Saudi Arabia saying weak demand had forced it to reduce crude output.

Nicolas Cage was arrested and charged for domestic abuse and disturbing the peace in New Orleans over the weekend.

Despite claiming his seventh straight Monte Carlo Masters title, world number one Rafael Nadal said he must keep at improving his game.