Obama sets up battle over tax cuts with Ohio trip (Reuters)

Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, will push his latest plan to kick-start the economy on Wednesday and set up an election-year battle with Republicans over Bush-era tax cuts.

Hungary won't seek to renew IMF, EU loans (AP)

AP - Hungary will not seek any more loans from the International Monetary Fund or the European Union and will be able to meet its financing needs by selling bonds to international and domestic investors, Economics Minister Gyorgy Matolcsy said Wednesday.

Flash crash report: plunge still a mystery: sources (Reuters)

Reuters - Regulators probing the stock market "flash crash" last May still have not uncovered a single cause but will point to stub quotes and other previously identified issues as having exacerbated the market's dramatic drop, according to sources familiar with the probe.

S&P 500 rises 1 percent (Reuters)

Reuters - The Standard & Poor's 500 index rose more than 1 percent in afternoon trading on Wednesday, while the Dow and Nasdaq added to gains as worries about Europe's banking system decreased, easing risk aversion.

Oppenheimer downgrades H&R Block to 'Perform' (AP)

AP - Tax preparation company H&R Block has struggled for the last two tax seasons and faces uncertainty over the mortgages it still holds from its former lending operations, an Oppenheimer analyst said Wednesday.

Panel examining recession's causes meets in Vegas (AP)

AP - A federal commission is taking testimony in Las Vegas as part of its national effort to examine causes for the financial meltdown that led to the Great Recession.

European stocks up on US gains, Portugal bond sale (AP)

AP - A solid showing on Wall Street and a relatively successful Portuguese government debt sale helped Europe's stocks recover early losses Wednesday to close higher, though fears of a flare-up in the region's debt crisis lingered amid news that Greece's recession deepened in the second quarter.

FTSE 100 closes higher (AFP)

AFP - London shares closed higher on Wednesday after a boost from a successful Portuguese debt auction, although many financial stocks remained weak.

Stocks resume rally as European debt worries ease (AP)

AP - Stocks resumed their rally Wednesday as investors brushed off fresh worries about the health of European banks.

Debit rules bigger risk for Visa than MasterCard (AP)

AP - Payment processors Visa Inc. and MasterCard Inc. face uncertainty as the Federal Reserve begins crafting the new rules for debit card fees called for in the financial reform legislation. But Visa has more debit risk than MasterCard because it dominates the U.S. market, a Citi analyst said Wednesday.

What Great Chess Players Can Teach Investors (The Motley Fool)

The Motley Fool - The constant iterative calculation of risk and reward required in every chess move translates well to the investing world. I thought it might be instructive to look at three chess world champions and see how their style matches up to various investment styles. Do you see your own style in any of these Grandmasters?

Summary Box: Mortgage lending falls 1.5 pct (AP)

AP - MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.

Economists further scale back U.S. growth outlook (Reuters)

Reuters - Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.

Wall Street up as fears for European economy ease (AFP)

AFP - US stocks were slightly up on Wednesday after news of a successful Portuguese debt auction eased the previous day's concerns about the European economy.

Wall Street up as fears for European economy ease (AFP)

AFP - US stocks were slightly up on Wednesday after news of a successful Portuguese debt auction eased the previous day's concerns about the European economy.

Mortgage lending down 1.5 pct as rates inch up (AP)

AP - Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades.

Obama to pitch trio of economic proposals in Ohio (AP)

AP - President Barack Obama is voicing unwavering opposition to extending Bush-era tax breaks for the nation's wealthiest families even for a year or two, drawing a sharp contrast with Republicans eight weeks before the November elections.

German exports slightly lower on month in July (AP)

AP - German exports dipped by 1.5 percent in July compared with the previous month but were still up a strong 18.7 percent over the same month last year, official data showed Wednesday.

Obama to challenge Republican foes on economy (AFP)

AFP - US President Barack Obama Wednesday threw down the gauntlet to Republicans on the economy, as the lagging recovery and crippling unemployment threaten Democrats with a mid-term election meltdown.

PriceSmart's revenue increase in August (AP)

AP - PriceSmart Inc.'s revenue climbed in August as customers continued to seek bargains on basic items at the company's warehouse clubs amid a soft economy.

World stocks drop as investors seek safety (AFP)

AFP - World stock markets fell on Wednesday as investors sought safety amid fresh worries about the fragile economic recovery, helping propel the yen to a 15-year high against the dollar, analysts said.

Republican leader urges 2-year tax rate freeze (Reuters)

Reuters - House of Representatives Republican leader John Boehner called on Wednesday for a two-year freeze on all current U.S. tax rates, including Bush-era tax cuts for the rich set to expire at the end of this year.

GOP proposes renewing tax cuts, freezing spending (AP)

AP - House Republican Leader John Boehner onWednesday proposed a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before a deep recession took hold of the economy.

China-U.S. ties improving, Hu tells White House team (Reuters)

Reuters - China and the United States said on Wednesday that their sometimes rocky relationship is sounder after talks in Beijing, with both putting an optimistic face on ties that have been jolted by economic and security tensions.

Home buying up in week, but down 40 percent in year (Reuters)

Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.

Home buying up in week, but down 40 percent in year (Reuters)

Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.

Japan's intervention hints fail to halt yen (Reuters)

Reuters - Japan's finance minister acknowledged currency intervention is an option for the first time since the yen's 14 percent rise since May, and a candidate to become prime minister sanctioned solo intervention as the yen jumped to a 15-year high versus the dollar.

Europe bank fears hit shares (Reuters)

Reuters - Asian stocks fell on Wednesday, led by shares in Japan's big exporters as a rise in the yen to a new 15-year high threatened to erode their overseas earnings.

Japan machinery orders up 8.8 percent in July (AP)

AP - Japan's machinery orders, a key gauge of future business investment, rose the most in seven months, a sign that companies are more confident in the economic recovery.

Reid blames Bush, Wall Street for sick economy (AP)

AP - Senate Majority Leader Harry Reid knows who's to blame for the sickly economy. And it's not him.

US provides relief for floods in Guatemala (AFP)

AFP - The United States said Tuesday it has requested 50,000 dollars in emergency aid for flood-hit Guatemala and reprogrammed another 4.38 million dollars in economic aid for recovery efforts.

Summary Box: Obama's tax-break plan no fast fix (AP)

AP - NO QUICK CURE: Even if they were enacted soon, President Barack Obama's proposed tax breaks for businesses would hardly be a fast fix to bolster hiring or the economy, analysts say.

Summary Box: Europe worries send stocks lower (AP)

AP - EUROPE AGAIN: Reports raising concerns about European banks sent stocks lower in Europe, and the U.S. followed suit. The worries are over how much risky government debt is being held on their books.

Interest rates dip at weekly Treasury auction (AP)

AP - Interest rates on short-term Treasury bills fell in Tuesday's auction to the lowest levels since late June.

A look at economic developments around the globe (AP)

AP - A look at economic developments and activity in major stock markets around the world Tuesday:

How the major stock indexes fared Tuesday (AP)

AP - Stocks closed lower Tuesday following new worries about Europe's debt problems. News reports said European banks may have more risky government debt on their books than was disclosed during "stress tests" earlier this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.

Bullish or Bearish? The World's Greatest Investors Debate. (The Motley Fool)

The Motley Fool - The bears and bulls were battling as ferociously as ever over the past month. Let's dive right into the debate, through the words of some of the world's greatest investors.

NYSE Euronext in joint venture on carbon trading (AP)

AP - NYSE Euronext said Tuesday it plans to combine its European carbon trading unit with a U.S. firm to expand its environmental energy business.

SEC probes "quote stuffing" practices: Schapiro (Reuters)

Reuters - U.S. regulators are probing certain practices around "quote stuffing," where large numbers of rapid-fire stock orders are placed and canceled almost immediately, Securities and Exchange Commission Chairman Mary Schapiro said on Tuesday.

Small investors quitting Wall Street: SEC boss (AFP)

AFP - The head of the US stock market watchdog said on Tuesday that individual investors have been turning away from equities since a May crash that exposed weaknesses in Wall Street's trading structure.