IBT Staff Reporter

Microsoft Corp was off to a good start with its revamped search engine Bing that was launched a few weeks earlier, Chief Executive Officer Steve Ballmer said on Wednesday.

Technology shares buoyed the Nasdaq on Wednesday after positive broker comments on Qualcomm, but financial shares' losses held back the Dow and the S&P 500.

Autopsies made of victims of the Air France Flight 447 revealed fractures in the legs, arms and hips, Brazil's O Estado de S. Paulo newspaper reported on Wednesday, strengthening speculation that the airplane broke apart at high altitudes.

U.S. consumer prices rose slightly in May, but over the past 12 months prices registered the biggest drop in nearly 60 years, allaying fears that inflation could threaten prospects for economic recovery.

(Corrects comment initially sent at 11:58 a.m. to change number of banks downgraded by S&P to 18 in second bullet and lead paragraph)

U.S. stocks were mixed on Wednesday, weighted by a downgrade of 18 banks by Standard and Poor's and a disappointing earnings outlook from economic bellwether FedEx Corp .

Utility companies UniStar Nuclear Energy LLC, NRG Energy Inc., Scana Corp and Southern Co., are likely to be the government's picks for building the next generation of nuclear reactors in the U.S., according to a report from the Wall Street Journal citing interviews to government and energy companies officials as well as reactor vendors.

The China Investment Corporation (CIC), the country's top wealth fund, is reported to have confirmed on Wednesday it would lend 200 million Australian dollars ($159 million) to Australia's leading property trust Goodman Group.

President Barack Obama laid out his vision for recrafting U.S. financial regulation on Wednesday, vowing to halt a cascade of mistakes ... over the course of decades that eroded bank and market oversight.

AT&T Inc yielded on Wednesday to customer complaints and agreed to extend its best upgrade price to previous iPhone buyers eager to get their hands on Apple Inc's new model, which goes on sale Friday.

Tengzhong Heavy Industrial Machinery, the black horse that emerged earlier this month as a bidder to acquire the Hummer brand from bankrupt GM is being charged for defaulting on construction cost of RMB 470,000, a local news paper reported this week.

President Barack Obama said Tuesday that today’s antiquated U.S. financial system puts “American dreams” in “consistent danger,” as he announced his proposals to change the laws which govern how financial companies are run.

(Corrects unofficial close to remove 22 and read several in reference to S&P's debt downgrades of banks)

U.S. Senator John Ensign resigned from a party leadership post on Wednesday a day after admitting an extramarital affair with then campaign treasurer, Cynthia Hampton.

A U.S. Senate committee on Wednesday approved a comprehensive energy package that would require utilities to generate 15 percent of electricity from renewable sources such as solar and wind power by 2021.

At a time when the press is filled with sometimes confusing economic news, one can use some simple economic concepts in understanding the economic outlook.

A Chinese girl who stabbed a local official to death has been released free on Tuesday but judged guilty of excessive force.

The Department of Commerce reports that housing starts for privately owned structures increased by 17% in May on a seasonally adjusted basis.The 17% increase well exceeded economist expectation of a 4.8% increase.

Many women taking the crowded train in Tokyo opt for women-only carriages during the rush hour to avoid gropers.

A company in Germany is installing vending machines that dispense gold bars and coins, instead of the usual snacks and candy bars, in the nation’s airports and railway stations.

Apple Inc released 45 software patches on Wednesday to address rare security vulnerabilities in its popular iPhone and iPod Touch mobile devices.

Apple's iPhone 3.0 software is now available today and here's the steps on how end-users can update their iPhone's to get working with the new operating system.

Hands up who knew there was a LG National Texting Championship in the U.S?

Apple officially announced the availability of iPhone 3.0 software last week, but the exact time has been kept in secret.

Oil rose on Wednesday, supported by government data showing a drop in U.S. crude supplies, gains in the stock market and a weaker dollar.

BRIC nations (Brazil, Russia, India and China) called for a more diversified global monetary system, but apparently failed to reach consensus Tuesday on reducing the dominance of the U.S. dollar.

Iran's defeated presidential candidate, Mir-Hossein Mousavi called for re-election on Wednesday in Tehran.

The H1N1 virus, commonly known as swine flu, continued to ravage Hong Kong as 54 new cases were reported on Wednesday, up an astonishing 46% over a 24-hour period.

Stocks climbed on Wednesday, led by technology and biotech stocks, while declining financial shares reined in the Dow's and S&P's gains after a broad debt ratings downgrade on banks.