IBT Staff Reporter

Gold surged to a record high just under $900 on Wednesday, powered by heavy investor buying and helped by firm oil and a strong debut for Shanghai gold futures, but it later slipped below previous day's closing level.

The number of calls to non-profits and mortgage counselors by people eager to avoid foreclosure on their homes is rising but solutions are not always simple.

Goldman Sachs Groups Inc. said on Wednesday the U.S. economy is likely to drop into recession this year leading the Federal Reserve to cut interest rates by 2.5 percent by the third quarter. The global investment bank said in a note to clients there is an 88 percent chance that the Federal Reserve will lower its target for overnight rates to 3.75 percent from 4.25 percent at its next policy meeting on January 30, as February fed funds futures rose 0.02 points to 96.19.

Microsoft will not launch a product that competes directly with Apple's iPhone, Chairman Bill Gates said in an interview with Germany's Frankfurter Allgemeine Zeitung. No, we won't do that. In the so-called smart phone business we will concentrate solely on software with our Windows Mobile program, Gates was quoted as saying in the interview published on Wednesday.

The toll that economic uncertainty has taken on U.S. consumer electronics retailers was made very clear on Tuesday by Circuit City CEO Phil Schoonover. I am not smiling, Schoonover said, when asked to reflect on his 2007 sales.

The United States Federal communications Commission confirmed that the deadline for the nationwide switch to digital television will still be next year. At the International Consumer Electronics Show in Las Vegas, Kevin Martin said Tuesday that the February 2009 deadline would be a hard deadline, and postponement would dis-incentivize the industry's transition.

Technology stocks plunged on Tuesday, with the tech heavy Nasdaq Composite index closed down for the eight straight session.

U.S. stocks nose-divided in the final hour of Tuesday trading on rising consumer debt, higher oil prices, and traders grew bearish on weak housing economic data.

Copper Futures climbed to their highest levels since mid-November on Tuesday, propelled by a rally in other industrial metals early in 2008.

US wheat futures ended mixed on Tuesday, following gains in crops such as corn and soybeans as late selling weighed on the markets and traders speculated a drop in the dollar will boost demand for U.S. exports.

U.S. stocks fell sharply on Tuesday amid various reports pointing to further weakening in the economy. A drop in home sales, reduced consumer spending at AT&T and rumors of a possible bankruptcy at leading mortgage lender Countrywide Financial contributed to a nearly 2 percent drop in the benchmark Dow Jones Industrial Average.

U.S. gold futures finished above $880 on Tuesday after climbing to a record high, fueled by surging oil prices, a weakening dollar and tensions between the United States and Iran sparked demand for the precious metal.

U.S. Treasuries fell on Tuesday as traders grew concerned over a possible recession triggered by an ongoing downturn in the housing market.

The greenback was mixed against the majors in Tuesday trading, rallying against the yen while relinquishing yesterday’s gains versus the sterling. Fears on the stability of financial firms will continue to weigh on the dollar with earlier

Crude Oil rose over $2 on Tuesday as investors predicted that a report from the U.S. government tomorrow report will indicate a fall in oil inventories.

The dollar fell against the euro and other major currencies on Tuesday as housing troubles continued to raise investors' concern about the state of the U.S. economy.

U.S. stocks dropped on Tuesday, clearing earlier gains as shares of mortgage-related companies plunged on declining home sales and increased economists speculation that Countrywide Financial Corp is facing a fund shortage.

Shares of Apple Inc. rose Tuesday after the company announced two new products , the Xserve server and the new Mac Pro computer, one week ahead of the Macworld Expo in San Francisco.

Oil halted a three-day slide to rise above $96 a barrel on Tuesday on expectations of a continuing drop in crude stocks in top consumer the United States and signs OPEC will not raise output.

The yen weakened across the board on Tuesday as investors waded back into risky carry trades, sparked by moderate gains in global equities and a rise in commodity prices.

Gold surged to a record high above $876 per ounce on Tuesday as investors poured into the market, confident of further upside in the metal with support from a weaker dollar and firm oil.

The credit crisis may be fouling up billion-dollar takeover deals, but if you're a poor African seamstress who needs a loan for a new sewing machine, you could not ask for a better borrowing market to expand your business.

Apple will soon announce steps to resolve European Commission charges that its iTunes stores broke EU rules by setting prices country by country in Europe, people familiar with the situation said on Tuesday. The announcement may come later on Tuesday or at the latest by Thursday, the sources said.

U.S. President George W. Bush's visit to the Middle East this week will evoke widespread hostility in a region where many view him as a war-monger pursuing U.S.-Israeli hegemony, not peace and democracy. In the Arab street, Bush is seen as the man whose invasions of Afghanistan and Iraq to wage war on terrorism brought chaos to the region and more recruits to al Qaeda.

Microsoft Corp sought to bolster its enterprise search efforts and increase its European presence as it announced Tuesday that it will offer to acquire Norwegian search firm Fast Search & Transfer ASA for about $1.2 billion.

Motorola unveiled a number of new products at this years consumer electronics show, including a revised version of its Rockr music phone, wireless headphones, and a pocket-sized mobile film studio. At the International Consumer Electronics Show in Las Vegas, the company rolled out its first set of products since former chief executive Ed Zander resigned late last year.

Intel on Monday, at the Consumer Electronics Show in Las Vegas revealed its plans for innovating technology that will boost the consumer electronics and entertainment industry through internet.

Panasonic Corp. on Monday, at the CES trade show in Las Vegas revealed its commitment to environmental conservation when its president said the firm will focus much on reducing emissions this year. We removed lead elements from all our products in an effort to make the whole world environmentally friendly, said Toshihiro Sakamoto, President of Panasonic AVC Networks. We are making products that can easily be recycled.

Internet Search Engine Wikia, a project from Wikipedia co-founder Jimmy Wales and his company Wikia launched today as a new competitor to major search engines such as Internet search leader Google, Yahoo, MSN and Ask.com.