IBT Staff Reporter

Oil dropped over 4 percent to under $61 a barrel on Wednesday after a U.S. government report showed that distillate stocks have risen near a 25-year high, reinforcing worries about a potential economic rebound.

Nashville's assistant medical examiner says gunpowder residue was found on the hands of Sahel Kazemi, the mistress of Steve McNair who was found dead alongside the slain former NFL star, according to the Associated Press.

The Obama administration announced a deal with three hospital groups on Wednesday that will save $155 billion in healthcare spending over 10 years, mainly by lowering charges for health services to the poor and elderly.

For the millions of people who spend hours glued to their computer screens chatting on social networks came the good news this year that they could finally get out more often.

Struggling No. 1 U.S. trucking company YRC Worldwide Inc has asked investment bank Rothschild to evaluate potential bond exchanges as part of its restructuring plans, according to a source familiar with the matter.

New York prosecutors on Wednesday said 13 people and a mortgage origination company have been indicted on charges of running a multimillion-dollar real-estate fraud that cheated lenders through sham sales.

Massachusetts' attorney general filed a lawsuit on Wednesday against the U.S. government that seeks federal marriage benefits for about 16,000 gay and lesbian couples who have legally wed in Massachusetts.

Fewer than half of all Americans trust that their health insurance plans would pay for the full costs of cancer treatment and nearly two-thirds falsely believe Medicare would not pay anything, according to a survey released on Wednesday.

Oil billionaire T. Boone Pickens' step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.

The U.S. recession should end in the second half of 2009, but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.

More than two dozen Internet sites in South Korea and the United States, including the White House, were attacked in recent days by hackers that South Korea's spy agency said may be linked to North Korea.

Yahoo Inc. announces its new Search Pad beta which will help user to capture, organize, save and share information they find while researching online.

News Corp Chief Executive Rupert Murdoch said on Wednesday that he is not interested in buying Twitter, the popular microblogging site.

Pepsi Bottling Group Inc reported a higher-than-expected quarterly profit as price increases and stronger U.S. sales of carbonated soft drinks helped offset declining demand for pricier beverages.

U.S. stock indexes fell on Wednesday on lingering worries about the state of the economy and the uncertain outlook for second-quarter earnings, though surprisingly strong demand for a Treasury auction limited losses.

U.S. President Barack Obama's administration is not discussing a second stimulus plan to jolt the U.S. economy out of recession, a White House budget official told Congress on Wednesday.

Oil billionaire T. Boone Pickens's step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.

Six employees of Wall Street retail brokerage Sky Capital ran a $140 million transatlantic boiler room to defraud investors in the United States and Britain, authorities charged on Wednesday.

Google said Wednesday it will launch an operating system for personal computers next year, taking direct aim at the dominance of Microsoft Corp's Windows franchise. The system, based on Google's Chrome web browser, is designed for all classes of PCs, from small netbooks to full-sized desktop systems, and will be available in machines from multiple PC makers in the second half of next year, the company said.

The International Monetary Fund said signs in the economy indicate that recession is easing but the recovery will be slow and likely to take some time. The IMF said the global economy is likely to contract 1.4 percent this year.

Thrifty shoppers rule, Upset smokers sue again, Healthy hopes

U.S. stocks fell on Wednesday on lingering concerns over an economic recovery and anxiety about the health of corporate profits ahead of the second-quarter earnings season.

Demand for U.S. mortgages bounced from seven-month lows last week as average 30-year borrowing costs were unchanged, helping ease pressure for aggressive Federal Reserve actions to push down long-term interest rates.

NRG says 'No,' Gas stocks rise, Thrifty shopers rule

New York City has a hidden side. Beyond the iconic landmarks - the Empire State Building, the Statue of Liberty - it hides a cluster of small islands, just waiting to be discovered. The archipelago of New York City is made up of no less than 40 natural and man-made islands.

The global economy is slowly starting to pull out of its deepest recession since World War Two but recovery will be sluggish and policies need to remain supportive, the International Monetary Fund said on Wednesday.

NRG Energy Inc. rejected Exelon Corporation's $6.9 billion offer today saying the bid continues to substantially undervalue NRG, according to a letter sent to Exelon Chief Executive Officer John Rowe, Reuters reported.

If you're thinking about buying your first real estate investment, there's good news. There are lots of good deals out there.

Independent power producer NRG Energy Inc rejected Exelon Corp's sweetened hostile bid on Wednesday, saying the $7 billion stock offer was still too low.