IBT Staff Reporter

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.

Procter & Gamble Co said on Wednesday that Robert McDonald would become its next chief executive, while A.G. Lafley remains chairman as the world's largest consumer products maker navigates through the global downturn.

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.

Chrysler LLC completed the sale of its strongest assets to a group led by Fiat SpA on Wednesday, reviving the 84-year-old automaker that was down to its last dollars and facing liquidation late last year.

A French woman pleaded guilty on Wednesday to killing a French banking scion after kinky sex and an argument over $1 million, saying it was a crime of passion.

Swedish and Finnish divers have located the wreck of a Soviet submarine sunk during World War Two in the Baltic Sea, the team said on Tuesday.

Prime Minister Gordon Brown will unveil plans on Wednesday to clean up parliament, whose authority has been damaged by an expenses scandal, and try to regain the initiative after attempts to oust him.

The Air France 447 mystery may never be solved beyond a shadow of doubt, but there are some telling, tragic clues to consider based on the airplane's systems and the conditions it encountered.

Russia has information on North Korean plans to launch a ballistic missile but does not know when it will take place, Interfax news agency quoted a senior Russian military source as saying on Wednesday.

A car bomb ripped through a crowded market in southern Iraq on Wednesday, killing at least 32 people, and wounding 70, officials said.

Facebook is letting their 200-plus million users customize their profile URLs starting this weekend, according to a post on Facebook's official blog.

Procter & Gamble Co's incoming chief executive may need to call on his West Point training as he tries to lead the consumer products maker through a time when shoppers are increasingly thrifty.

Myanmar's trial of opposition leader Aung San Suu Kyi will hurt international efforts to help the army-ruled country's recovery from the devastation of Cyclone Nargis, donors said on Wednesday.

Russia has information on North Korean plans to launch a ballistic missile but does not know when it will take place, Interfax news agency quoted a senior Russian military source as saying on Wednesday.

Iran's President Mahmoud Ahmadinejad accused his election rivals on Wednesday of adopting smear tactics used by Germany's dictator Adolf Hitler and said they could face jail for insulting him.

An Indian air force transport plane crashed near the disputed Chinese border in the remote northeast, killing all 14 on board, officials said on Wednesday.

Russia will reduce the share of U.S. treasuries in its forex reserves, the world's third-largest, a senior central bank official said on Wednesday, driving the dollar broadly lower.

U.S. envoy George Mitchell assured the Palestinians on Wednesday of Washington's commitment to a state of their own, calling its establishment the only viable solution to their conflict with Israel.

Russia will reduce the share of U.S. treasuries in its forex reserves, the world's third-largest, a senior central bank official said on Wednesday, driving the dollar broadly lower.

Home Depot Inc said earnings could be flat this year, rather than falling as it previously forecast, saying the worst of the U.S. housing correction had passed.

A French submarine with advanced sonar equipment was due to begin searching on Wednesday for the flight recorders of an Air France airliner that crashed into the Atlantic last week, the French military said.

Leading Senate Democrats unveiled on Tuesday a plan to reshape U.S. healthcare that calls for sweeping insurance market reforms and prohibits insurers from denying coverage or charging more due to medical history.

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.

Never an easy market for premium car makers, Japan has become an even tougher battleground after a green tax incentive introduced in April left all foreign car brands neatly outside the fence.