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Stocks advance after Fed's statement

U.S. stocks briefly touched session highs on Wednesday after the Federal Reserve said it would keep borrowing costs near zero for an extended period even though it expressed confidence the U.S. economic recovery was gaining momentum.

Proved Reserves of Crude Oil Fall in 2008, Reflecting Low End-of-Year Prices

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The Energy Information Administration's (EIA) U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2008 reports that proved reserves of crude oil fell by more than 10 percent in 2008, primarily because of low end-of-year prices used to estimate proved reserves, even though discoveries of crude oil rose for the third year in a row. In contrast, proved reserves of natural gas rose by 3 percent in 2008, despite low end-of-year prices.

Stocks climb after Fed statement

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Stocks resumed their climb back toward session highs on Wednesday after the Federal Reserve held its stance to keep borrowing costs near zero for an extended period even though it expressed confidence the U.S. economic recovery was gaining steam.
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Cuomo hits Intel with antitrust lawsuit

Intel Corp was sued on Wednesday by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of scheming to maintain monopoly power in the market for microprocessors.
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$1,000 priced iPhone not a hit in China

Apple's Chinese partner sold 5,000 iPhones in the country after the handset made its debut last week, but is still hopeful it will increase the number of its third-generation mobile users by more than 1 million a month.
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Senate panel tries bypassing climate bill boycott

Democrats who control a key U.S. Senate panel said they would begin debating a climate change bill on Tuesday, despite a planned boycott by minority Republicans who are demanding more study of the issue.
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Twilight sequel soundtrack hopes to make killing

Just in case you've been in a sight-, sound- and Twitter-deprivation tank for the past two years, here's the lowdown on the Twilight franchise: It's a series of four books written by Stephenie Meyer about Bella, a human girl who hearts Edward, a vampire boy. This is awkward, due to Edward's predilection for snacking on platelets, but also because high school relationships are invariably angsty a...
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CIT Group files for bankruptcy

CIT Group Inc, a lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession clobbered its loans.
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Nine U.S. banks seized in largest one-day haul

U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation's banking industry are being crippled by bad loans.
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Feds to seize LA bank in 4th biggest failure: report

Regulators are expected to seize Los Angeles-based California National Bank on Friday in what would be the fourth-largest U.S. bank failure this year, the Los Angeles Times reported, citing unnamed sources.
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U.S. Bancorp gets $18 billion seized bank assets

U.S. Bancorp on Friday acquired nine banks held by FBOP Corp, picking up $18.4 billion in assets after regulators seized a major Los Angeles lender and eight other banks in the latest failures to emerge from the financial crisis.
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Scientists make cells that form eggs, sperm in lab

U.S. researchers have found a way to coax human embryonic stem cells to turn into the types of cells that make eggs and sperm, shedding light on a stage of early human development that has not been fully understood.
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Calpers CIO says no moral hazard in state guarantee

Calpers, the nation's largest public pension fund, does not face moral hazard despite state guarantees of pension solvency, the funds chief investment officer said on CNBC on Wednesday, in comments responding to a Reuters report.
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California Coastal Communities files for bankruptcy

California Coastal Communities Inc said on Wednesday it filed for Chapter 11 protection to modify and eliminate certain debt covenants and to extend the maturity on about $182 million loans related to one of its projects.
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Indie thriller Crave entices Perlman

Ron Perlman, Josh Lawson and Emma Lung have been cast in the lead roles of the indie thriller Crave, the directing debut of Charles de Lauzirika.
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Ricky Gervais says Golden Globes is perfect gig

Ricky Gervais is known as an edgy comedian, and the Golden Globes are considered the least stuffy of film and television awards shows. So it's little wonder that Gervais sees his hosting job for the 2010 ceremony as a match made in Hollywood honors heaven.
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US mortgage applications slump third straight week

U.S. home loan demand slid for the third straight week, the Mortgage Bankers Association said on Wednesday, with purchase applications the weakest since mid-May and refinancing requests at a two-month low.
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U.S. foreclosures spike in new regions in 3rd qtr

U.S. mortgage defaults ebbed in some hard-hit cities in the third quarter, but unemployment created new trouble spots as foreclosures set a record in the quarter, real estate data company RealtyTrac said on Wednesday.
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Cisco to buy ScanSafe for $183 million

Cisco Systems is buying privately held Web security company ScanSafe for about $183 million, a move that will intensify its battle with security giants Symantec Corp and McAfee Inc.

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