IBT Staff Reporter

The S&P 500 was on track to post its worst day in about two months on Wednesday as disappointing results from Goldman Sachs and Wells Fargo deflated hopes for strong bank earnings.

The Committee for a Responsible Federal Budget, a nonpartisan Washington-based group promoting fiscal responsibility, is holding a contest on the best ways to better balance the nation’s bank account and avert an economic disaster.

Goldman Sachs Group Inc posted a 53 percent decline in quarterly profit on Wednesday, in part reflecting lower results in fixed-income trading.

Groundbreaking on new U.S. home construction fell more than expected in December to its lowest in over a year, suggesting the battered housing sector remains a major roadblock to economic recovery.

After the stock market's fourth-quarter bang, investors expected a bigger boom than they got from leading custody banks State Street and Bank of New York Mellon .

The famous adult magazine will be creating a digital version of the publication as well as a non-nude app for the iPad.

Traditional all-weather raincoats, designed for the working masses almost 200 years ago, joined the ranks of upmarket London fashion on Wednesday, when Mackintosh opened its first standalone store.

U.S. lawmakers will consider new health care insurance benefits and the cost of paying for them on Wednesday, as the House heads to a vote on whether to repeal last year's major health care overhaul law.

The text of the 14-page complaint against the iPad hackers.

A Swiss court found former banker Rudolf Elmer guilty on Wednesday of breaching strict banking secrecy for publicizing private client data and of threatening an employee at his former firm Julius Baer.

The 22-year-old Hilary Duff is pregnant, according to the Star Magazine. Duff had a wedding last August with NHL star Mike Comrie.

If anyone needed proof that cyber activists can create havoc in the real world, the last few weeks have provided evidence in megabytes.

The flag of the Palestinian Liberation Organization was hoisted above the PLO's offices in Washington, D.C. Tuesday and the new chairman of the House Foreign Affairs Committee quickly criticized the act.

The gaming console comes with extensive 3D capabilities.

Stocks mostly fell on Wednesday as disappointing results from Goldman Sachs and Wells Fargo deflated hopes for strong bank earnings in the last quarter.

Coffee chain unveils mobile payment app for iPhones and Blackberrys.

South African mobile operator MTN and insurer Sanlam said on Wednesday they have teamed up to offer health services through mobile handsets.

German software maker SAP is preparing to restructure and has hiked sales and margin targets to prop up its sagging shares amid litigation woes, weekly Manager Magazin reported.

The 20 year old semifinalist Alex Lambert on last season's American Idol is now living on the street and homeless. Alex admitted being a homeless on his twitter.

The following is the text released by the White House of remarks by U.S. President Barack Obama and Chinese President Hu Jintao on the morning of January 19, 2011 at the South Lawn of the White House at the official arrival ceremony. Neither president took questions.

Employees at Goldman Sachs Group Inc earned an average of $430,700 each in 2010, down 13.5 percent from 2009 but still more than eight times as much as the average U.S. household income.

Gold rallied for a third consecutive session on Wednesday, boosted by broad weakness in the dollar and robust Asian consumer demand, while anticipation of more resilient global growth took platinum to 30-month highs.

Roger Federer survived a huge fright to squeak past unseeded Gilles Simon 6-2 6-3 4-6 4-6 6-3 and reach the third round of the Australian Open on Wednesday.

The Atlanta Hawks handed the ailing Miami Heat a season-high fourth straight loss with a 93-89 overtime victory on Tuesday that spoiled the return of LeBron James to the lineup.

Rafa Nadal returns to action at the Australian Open on Thursday, with American qualifier Ryan Sweeting handed the Herculean task of ending the Mallorcan's march toward a fourth consecutive grand slam title in the second round.

After a lengthy absence, [other] asset managers and central bankers are readmitting gold back into the group of prudent asset classes, writes Thomas Kaplan, chairman of New York's Tigris Financial advisory and asset-management group, in today's Financial Times.

World No. 2 Roger Federer was taken to fifth set in a nervy encounter against France's Gilles Simon before progressing to the third round of the Australian Open 2011.

HP's webOS is coming late to the tablet party but nonetheless it is coming and not with one, but two tablets codenamed Topaz and Opal.

Citigroup Inc named investment bank chief John Havens president and chief operating officer on Wednesday, expanding its most senior level of executives and elevating a long-time friend of Chief Executive Officer Vikram Pandit.