Existing home sales at 1-1/2 yr-high, supply falls (Reuters)

Reuters - U.S. home resales surged in January to a 1-1/2 year high and the supply of properties on the market was the lowest in almost seven years, pointing to a nascent housing recovery.

Strauss-Kahn freed after French police questioning (AP)

AP - The former chief of the International Monetary Fund, Dominique Strauss-Kahn, has been released from a French police station after two days of questioning over a suspected hotel prostitution ring.

Rising sales point to better year for housing (AP)

AP - The housing market is flashing signs of health ahead of the spring-buying season.

Geithner: Obama seeks 28 percent corp. tax rate (AP)

AP - Treasury Secretary Timothy Geithner said Wednesday the current business tax system is bad for business and for job-creation and argued that President Barack Obama's plan to reduce corporate tax rates to 28 percent would make the tax system more globally competitive.

Oil price lower after 4-day rise (AP)

AP - A four-day rise in oil prices stalled Wednesday following a weak report on Chinese manufacturing and lingering concerns about Greece's bailout.

S&P fails to break key level; euro zone data weighs (Reuters)

Reuters - U.S. stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession.

Ford to add $3.8B to pension plans this year (AP)

AP - Ford Motor Co. will pump $3.8 billion into its global pension plans this year as it tries to get them closer to fully funding their obligations.

Greek lawmakers rush to clear promised austerity (AP)

AP - Greece scrambled Wednesday to push through a batch of emergency laws that will further cut incomes and state spending, a day after securing a new bailout and debt relief deal designed to stave off bankruptcy.

JPMorgan, Citi, BofA sued for $949 million by Sealink (Reuters)

Reuters - JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and more than a half dozen other major banks are being hit with a new lawsuit over $949 million in residential mortgage-backed securities.

Citi, UBS provide keys to interest rate-rigging probe: sources (Reuters)

Reuters - Citigroup Inc and UBS AG , in a series of disclosures to law-enforcement officials, have provided crucial information to investigators in multiple countries as part of inquiries into whether the world's biggest banks manipulated a global benchmark interest rate, according to people familiar with the situation.

Fitch downgrades Greece on debt swap plan (Reuters)

Reuters - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

MGM Resorts 4th-quarter loss narrows, revenue up (AP)

AP - MGM Resorts International narrowed its loss in the fourth quarter, as revenue climbed and occupancy improved at its Las Vegas Strip properties.

Consumer-finance watchdog probes overdraft fees (AP)

AP - The government's new consumer-watchdog agency is launching a probe into costly overdraft fees charged by big banks.

Pace of new credit card accounts picks up in 2011 (AP)

AP - More people opened new credit card accounts last year, as the banking industry began to loosen standards it tightened during the recession.

Holiday spending pushes Macy's 4Q profit higher (AP)

AP - A strong holiday shopping season and hearty online sales pushed Macy's Inc.'s fourth quarter net income up 12 percent. That topped Wall Street's expectations, and the department store chain's stock hit a 52-week high.

Nasdaq looks to Congress to win market reforms (Reuters)

Reuters - Exchange operator Nasdaq OMX is trying to gain support for a legislative proposal that would give it a competitive edge over both rival exchanges and banks that operate anonymous trading venues known as "dark pools."