Oil higher as stocks rise, Europe worries ease (AP)

AP - Oil prices followed stocks higher on Wednesday, as worries about European debt problems eased and buyers returned to the market.

Obama: U.S. can't afford to extend tax cuts for rich (Reuters)

Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, said on Wednesday the United States could not afford to extend Bush-era tax cuts for the rich and accused Republicans of being fiscally irresponsible.

Obama's tax break for business: Will it put Americans to work? (The Christian Science Monitor)

The Christian Science Monitor - A new round of tax incentives for US businesses could have some positive impact on the job market, but it's not likely to ignite massive employment.

BP and partners trade blame for oil spill (Reuters)

Reuters - A BP Plc investigation of the Gulf of Mexico disaster played down its own role in the world's worst offshore oil spill and pointed the finger at what it said were failures by contractors.

AP Source: New GM CEO wants automaker to beat BMW (AP)

AP - New General Motors CEO Daniel Akerson (AAAK-er-sun) is telling employees that the automaker needs to make cars and trucks that are better than competitors such as BMW.

Summary Box: Portugal bond sale reflects debt fear (AP)

AP - HIGH COSTS: Portugal raised $1.3 billion in a debt auction Wednesday, but at sharply higher borrowing costs compared with recent auctions.

Google seeks to speed up Web searches (Reuters)

Reuters - Google Inc unveiled a set of enhancements to its Internet search engine on Wednesday that predict search queries as users type, promising to speed up the time it takes to find information online and to generate more searches on the website.

Jackson Hewitt narrows 1Q loss as expenses fall (AP)

AP - Jackson Hewitt Tax Service Inc. on Wednesday posted a narrower first-quarter loss as its expenses fell, beating Wall Street expectations, but its shares fell after it said it would seek new financing for its refund anticipation loan program.

Summary Box: Ireland to split Anglo Irish Bank (AP)

AP - SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a "good" deposit bank and a "bad" toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.

Freddie Mac to issue new 5-year note due 2015 (AP)

AP - Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015.

Goldman NY proprietary traders consider next move (Reuters)

Reuters - Members of Goldman Sachs Group Inc's New York Principal Strategies team are in talks with several groups, including KKR, Perella Weinberg, BlackRock Inc and Carlyle Group, to possibly join one of the firms, a source familiar with the matter said.

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.

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.

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.

Tight inventories hurt Talbots sales (Reuters)

Reuters - Women's clothing retailer Talbots Inc posted lower-than-expected quarterly sales and its shares fell 11.6 percent as efforts to keep inventory lean and preserve margins left it short of items to sell.

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.

The Treasury's New Research Office (BusinessWeek)

BusinessWeek - Don't expect an Elizabeth Warren-style campaign for the first director of the Office of Financial Research, yet another agency set up under the financial system overhaul. Unlike the pending decision over who will lead the Consumer Financial Protection Bureau, which has prompted online petitions and a viral rap video in support of the Harvard law professor, the competition over who will be the head of the research office is a wonks-only affair. ...