IBT Staff Reporter

U.S. stocks slipped on Wednesday on worries that Greece's debt crisis could spread to other euro zone nations, but losses were pared as some investors looked for bargains a day after a hefty sell-off.

Having shunned U.S. mortgage-related assets for 1-1/2 years, foreign investors are returning to the market now the U.S. government has a key stake.

* Barroso - market mood not fundamentals influenced ratings * Comments follow warning of new EU controls on sector

Headlines often focus on big discoveries or major new sources for crude oil. This can obscure the fact that as much as 20 percent of the Nation's crude oil production comes from marginal-volume stripper wells. Oil stripper wells generally produce from reservoirs that are approaching the end of their commercial lives and are typically operated by smaller independent companies. By definition, oil stripper wells are those that produce no more than 15 barrels of oil equivalent per day over a twelv...

* Flaherty says holding talks on Greek situation * Says debt crisis not a direct threat to Canada * Concern is of contagion, impact on banks (Adds quote, details)

The big rating agencies are no longer very useful to investment companies such as the world's biggest bond fund manager PIMCO, which can be nimbler in anticipating shifts in the credit quality of debt, the company said on Wednesday.

General Motors Co said on Wednesday it has hired Hyundai Motor Co's highly regarded former marketing chief in the fourth shake-up of GM's sales organization since the automaker exited bankruptcy.

Athletic gear giant Nike Inc expects its revenue to rise more than 40 percent to $27 billion by 2015, helped by demand for its namesake athletic merchandise and fast-growing brands like Converse, the company said on Wednesday.

No. 1 U.S. homebuilder PulteGroup Inc posted a far narrower-than-expected quarterly loss on Wednesday, but shares fell as orders fell short of Wall Street's expectations.

Washington Post Co said on Wednesday it is exploring a possible sale of its magazine Newsweek after sustaining losses for two years.

U.S. stocks slipped on Wednesday on worries that Greece's debt crisis could spread to other euro zone nations, but losses were capped as investors looked for bargains a day after a hefty sell-off.

Nike Inc expects its revenue to rise more than 40 percent to $27 billion by 2015, helped by demand for its namesake athletic merchandise and fast-growing brands like Converse, the company said on Wednesday.

Bear Stearns' appetite for risk and lack of foresight were criticized at a hearing into the roots of the financial crisis, where former executives argued the firm's collapse was due to events beyond their control.

U.S. stocks fell for a second day on Wednesday as Greece's sovereign debt crisis spread and Moody's Investors Service warned Portugal could be next to have its debt downgraded.

U.S. gold futures dropped to a one-week low on Wednesday as investors opted for cash to cover equities losses, but the risk of contagion spreading in the euro zone beyond Greece provided support to prices, traders said.

The big rating agencies are no longer very useful to investment companies such as the world's biggest bond fund manager PIMCO, which can be quicker to anticipate shifts in credit quality of debt, the company said on Wednesday.

Bear Stearns appetite for risk was questioned at a hearing into the roots of the financial crisis, where former executives testified that the firm's collapse was due to events beyond their control.

Copper prices dropped to seven week low here on fears China may tighten monetary policy further and cause demand to thin from the world's top consumer of many base metals.

Even as gold is set to cash in on the European economic crisis, other metals like steel and copper are set to witness a fall following the debt crisis in Greece, Spain and Portugal. The debt crisis has hit several nations in the Europe and the Euro is also struggling. This will help gold because panicked investors will rush to park their money in gold as a safe haven.

Reports from China and South Africa, two major gold producers in the world, show that gold output this year may witness a surge as several companies have ramped up their production to cash in on the rising prices and increased demand. According to Chinese media, the country produced 70.16 tonnes of gold in the first three months of 2010. This is a gain of around 4.4 per cent year-on-year. The report further added that gold mining companies in China produced 57.3 tonnes of gold in the first three...

Former Bear Stearns executives said the firm became the first major victim of the financial crisis due to unfounded rumors, not because of risky exposures to mortgage-related products with free-falling values.

U.S. private employers added 32,000 jobs in April, roughly in line with expectations, and revised data showed an unexpected rise in March jobs.

U.S. schools and childcare programs could be required to include daily exercise as part of the new National Physical Activity Plan released on Monday.

Shares in media conglomerate News Corp fell more than 9 percent in early trading on Wednesday as investors appeared to be dissatisfied with the company's full-year profit outlook.

China remains the biggest growth market for German luxury car brands, according to data released on Wednesday from Mercedes-Benz, BMW and Audi.

British insurer Prudential Plc fueled worries over its planned $35.5 billion acquisition of AIG's Asian unit as a last-minute regulatory delay forced it to put on ice its bumper cash call.

Demand for loans to buy U.S. homes raced to a seven-month high last week in the last hurrah for federal homebuyer tax credits that ended April 30, Mortgage Bankers Association (MBA) data showed on Wednesday.

No. 1 U.S. homebuilder PulteGroup Inc posted a far narrower-than-expected quarterly loss on Wednesday due to lower land charges and said it expects to record a profit for 2010 overall.

British insurer Prudential Plc fueled worries over its planned $35.5 billion acquisition of AIG's Asian unit as a last-minute regulatory delay forced it to put on ice its bumper cash call.