SEC says proposed Citi settlement is fair (Reuters)

Reuters - The top securities regulator defended its proposed $75 million settlement with Citigroup , saying the penalty reasonably accounts for the seriousness of the bank's alleged misconduct, according to a document filed in court on Wednesday.

Summary Box: Stocks rebound as Europe worries ease (AP)

AP - BACK ON TRACK: The Dow Jones industrial average and other market indicators rose Wednesday as concerns about Europe's financial system eased thanks to a successful sale of debt by Portugal. The Dow rose five out of the last six days.

Fed survey sees slower growth in East and Midwest (AP)

AP - The economy lost strength in late summer as factory production weakened in areas of the East Coast and Midwest.

Summary Box: More places see slower growth (AP)

AP - ECONOMY LOSES SPEED: A Federal Reserve survey found "widespread signs" that economic growth had slowed in the late summer.

How the major stock indexes fared Wednesday (AP)

AP - Stocks resumed their rally Wednesday after a successful auction of Portuguese government debt eased worries about Europe's financial system. Major indexes pulled back from their highs in the afternoon after the Federal Reserve said more regions of the country saw slower growth late in the summer.

Obama seeks to mend frayed bond with voters (AFP)

AFP - US President Barack Obama Wednesday admitted some of his policies were unpopular and had not revived the economy quickly enough, but sought to rekindle his frayed bond with American voters.

Stocks resume rally as European debt worries ease (AP)

AP - Stocks resumed their rally Wednesday after a successful auction of Portuguese government debt eased worries about Europe's financial system.

Highlights from the Fed's latest economic survey (AP)

AP - Highlights from the Federal Reserve's survey of economic conditions nationwide. The survey, released Wednesday and known as the Beige Book, is based on information collected from the Fed's 12 regional bank districts.

More stimulus needed for "savage" recession: Geithner (Reuters)

Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States needed more incentives to stimulate job growth and bolster a slow recovery from a "savage" recession.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Wall Street climbs in low-volume session (Reuters)

Reuters - Stocks rose on Wednesday as investors latched onto positive news out of Europe in the latest in a string of low-volume sessions suggesting little confidence in market direction.

Fed sees 'widespread' signs US economy is slowing (AFP)

AFP - The US economic recovery is showing "widespread" signs of slowing, the US Federal Reserve warned Wednesday, as it gears up for a key policy meeting later this month.

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.

A look at economic developments around the globe (AP)

AP - TOKYO — 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.

Bankers urge government to pull plug on Fannie, Freddie (Reuters)

Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

Geithner: U.S. scarred by "savage" recession (Reuters)

Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States is recovering slowly from a "savage" recession that has caused deep job cuts and a loss of confidence.

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

AP - Nevada had unrealistic growth expectations before the nation's financial meltdown battered the state's tourism industry and erased billions of dollars in real estate equity, an economist told a federal commission examining the causes of the Great Recession.

Fed report shows widespread signs growth easing (Reuters)

Reuters - The economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting that while the recovery has been faltering, the economy may skirt a second recession.

Obama tells Ohio audience of own family struggles (AP)

AP - President Barack Obama is getting a little personal about the sluggish economy, telling a Cleveland audience about his own family's struggles and hardships.

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 two sources familiar with the probe.

(AP)

AP - Consumer borrowing falls again in July as credit card use falls for 23rd straight month.

Fidel Castro says Cuban model no longer works (Reuters)

Reuters - Fidel Castro said Cuba's economic model no longer works, a U.S.-based journalist reported on Wednesday following interviews with the former president last week.

Summary Box: Canada ups key interest rate to 1 pct (AP)

AP - BANK OF CANADA UPS KEY RATE: Canada's central bank raised its benchmark interest rate by a quarter point to 1 percent, after similar moves in June and July.

Kuwait appoints first stock market regulator (AFP)

AFP - Kuwait has appointed its first independent regulatory body, the Capital Market Authority, to oversee its stock exchange, Commerce Minister Ahmad al-Harun said on Wednesday.

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.

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.

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.

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.

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.

Hillary Clinton on America's future: US retains role as world leader (The Christian Science Monitor)

The Christian Science Monitor - Secretary of State Hillary Rodham Clinton sought Wednesday to paint a picture of a 21st-century world where the United States remains the preeminent leader â though less as a result of unrivaled economic and military might than through new and reinvigorated partnerships.

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.

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.

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.

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.

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.