NEW YORK

Citing Congressional inaction on education reform, the White House announced on Monday that it would grant waivers exempting states from an onerous achievement benchmark established by No Child Left Behind.

Investors fled stocks on Monday in the first session since Standard & Poor's cut the AAA credit rating of the United States, adding to worry about the economic outlook and Washington's ability to meet the challenges.

Gold notched a new high on Monday as investors ran to the precious metal for safety amid collapsing stock markets.

The U.S. Federal Reserve will announce its monetary policy Tuesday following an unprecedented downgrade of the U.S.Government's credit rating by Standard & Poor's and the markets will likely look to Fed Chairman Ben Bernanke to provide appropriate comments on the state of the nation's banking system and its fiscal condition.

It appears Saturday will be the day of reckoning for Texas Gov. Rick Perry as he prepares to make clear his intention to join the Republican presidential race, two associates said Monday.

Some might surprise you!

Southern California businessman Alex Meruelo has reached an agreement to purchase a majority ownership in the Atlanta Hawks, making him the first principal Hispanic owner of a National Basketball Association (NBA) team, the Hawks said on Monday.

A Los Angeles judge on Monday set a September pretrial hearing for former New York Mets star Lenny Dykstra on grand theft auto charges.

U.S. Secretary of Education Arne Duncan will bypass Congress in exempting some states from a central provision of the No Child Left Behind law in exchange for those states adopting some of the Obama administration's education reform priorities.

The U.S. Department of Homeland Security quietly reversed course Friday and decreed states could no longer opt out of a controversial immigration enforcement program known as Secure Communities.

The stock market today show sharp drops, following a downgrade by S&P from a stellar AAA to AA+, including all sectors in the S&P 500. On the other hand, investors are rushing into buying bonds rather than stock.

A 40-year-old woman who suffered cardiac arrest while competing in a triathlon in the Hudson River died on Monday, the second death reported in the weekend event, a hospital spokesman said.

American International Group Inc is suing Bank of America Corp to recover more than $10 billion over a "massive fraud" on mortgage debt, deepening the litigation morass facing the largest U.S. bank.

S.Africa's rand and stocks fell to multi-month lows on Monday as investors dumping risk hammered everything from resource firms to banks after the downgrade of the U.S. credit rating prompted a sell-off.

A second participant of the 2011 NYC Triathlon is confirmed dead after experiencing difficulty in the swimming portion of the race.

Shares of major gold mining companies notched fresh gains in midday trading Monday as the price of the precious metal topped $1,700 per ounce.

Rappers Jay-Z and Kanye West's highly anticipated collaboration, "Watch the Throne," was released at midnight Monday on iTunes in standard and deluxe forms. The album hits stores on Aug. 12, a move that was reportedly criticized by independent retailers.

Australian Nancy Wake, who as a spy became one of the Allies' most decorated servicewomen for her role in the French resistance during World War II, has died in London, officials said Monday. She was 98.

The 20th annual Lollapalooza music festival held in Chicago ended day three with a downpour soaking attendees and a memorable performance by the Foo Fighters.

The crises at the heart of the international financial and political system go beyond the debt woes currently gripping the Western world and to the heart of the way the global economy has been run for over two decades.

A first-ever debt downgrade of U.S. government bonds plus worries over contagion in Europe drive investors to the safety of gold.