IBT Staff Reporter

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Wall St hits session highs

Stocks added to gains in afternoon trading on Wednesday, with the Nasdaq Composite up more than 2 percent and the S&P 500 rising more than 1 percent.

Wall St gains as data, Europe reassure

Stocks advanced on Wednesday as better-than-expected U.S. economic data and signs that officials were moving forward to help struggling European banks reassured nervous investors.

Banks should tie more employees' pay to risk: Fed

Large banks need to tie more employees' compensation to the risks their decisions pose to their institutions, through such things as deferred pay, the Federal Reserve said in a report released on Wednesday.

As Europe bank recap talk builds, who needs it?

Banks in France, Italy and across Europe are under renewed scrutiny for signs they will follow Dexia and need state help as policymakers talk up the need to raise capital to halt a euro zone crisis.

For U.S. banks, recovery is fading

U.S. bank profits have been rising steadily for more than a year, but the recovery may be losing momentum due to weak loan demand and low lending rates.

Apple stumble seen opening door for rivals

Rival smartphone makers could exploit a rare letdown by Apple in the launch of its new iPhone 4S model, which failed to wow fans, and grab a bigger share of the most lucrative part of the phone market.

IMF's Borges: Europe's banks need up to 200 billion euros

The International Monetary Fund urged Europe on Wednesday to pump as much as 200 billion euros into its banks and warned of a freeze in lending and an ensuing recession if the region's leaders failed to do more to reassure panicky investors.

Oracle source denies cancelling Benioff keynote

A source at Oracle Corp denied the company had canceled the keynote speech of Salesforce.com Inc Chief Executive Marc Benioff at Oracle OpenWorld and said Oracle had instead changed the time of the speech.

Wall Street flat, data tops expectations

Stocks were little changed on Wednesday as European finance ministers appeared ready to prop up struggling banks while reports on the U.S. labor market and services sector came in stronger than expected.

Nikon says first-half sales beat expectations

Nikon's April-September sales and operating profit beat its expectations thanks to a healthy performance from its camera division, and advance orders for a new model are also better than expected, the company's president said on Wednesday.

Moody's slashes Italy credit rating

Moody's lowered its rating on Italy's bonds by three notches on Tuesday, saying it saw a material increase in funding risks for euro zone countries with high levels of debt and warning that further downgrades were possible.

JP Morgan restarts HP; cautious on big challenges

Hewlett-Packard Co could face a troubled turnaround, with tough challenges that could result in underwhelming revenue and earnings growth, JP Morgan said, resuming coverage of the Silicon Valley company with an underweight rating.

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