Reuters - The Standard & Poor's 500 index rose more than 1 percent in afternoon trading on Wednesday, while the Dow and Nasdaq added to gains as worries about Europe's banking system decreased, easing risk aversion.

Oppenheimer downgrades H&R Block to 'Perform' (AP)

AP - Tax preparation company H&R Block has struggled for the last two tax seasons and faces uncertainty over the mortgages it still holds from its former lending operations, an Oppenheimer analyst said Wednesday.

Oil up to $75 as stocks rise, Europe worries ease (AP)

AP - Oil prices followed stocks higher on Wednesday, as worries about European debt problems eased and buyers returned to the market.

Goldman NY proprietary traders consider next move (Reuters)

Reuters - Members of Goldman Sachs Group Inc's New York Principal Strategies team are in talks with several groups, including KKR, Perella Weinberg and BlackRock Inc, to possibly join one of them, a source familiar with the matter said.

Ireland to split Anglo Irish into good, bad banks (AP)

AP - Ireland plans to split its most troubled financial institution, Anglo Irish Bank, in two as part of wider efforts to reassure international lenders that the Irish are dealing with their debt crisis.

Obama pitches road spending and tax incentives (Reuters)

Reuters - President Barack Obama will push billions of dollars in new business tax incentives and spending on big construction projects on Wednesday, as he tries to convince a balky Congress to pass measures intended to spur the economy and create jobs.

BP blames contractors for oil spill (Reuters)

Reuters - BP attempted to place much of the blame for the rig blast that led to the United States' worst-ever oil spill on its contractors, Transocean and Halliburton.

EU suspends WTO dumping sanction bid against US (AFP)

AFP - The European Union said Wednesday it had suspended a request at the World Trade Organization for the right to impose sanctions on Washington over a controversial US anti-dumping calculation.

Smithfield posts 1Q profit on higher pork prices (AP)

AP - Smithfield Foods Inc. said Wednesday higher selling prices for pork and improvement in hog market prices helped it return to a profit in its fiscal first-quarter.

Summary Box: Mortgage lending falls 1.5 pct (AP)

AP - MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.

Economists further scale back U.S. growth outlook (Reuters)

Reuters - Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.

How to Play It Safe With Muni Bonds (U.S. News & World Report)

U.S. News & World Report - Defaults in the municipal bond market can happen, as some investors recently discovered. Municipal bonds, which are generally some of the safest investments, are issued by states, municipalities, or counties, and are usually exempt from federal, state, and local taxes. Muni defaults--such as those on bonds issued this year in Jefferson County, Ala., and Harrisburg, Pa.--are not common, but in an era of budget cuts and lower revenues, it's important for investors to be aware of the risks. Here are a few general rules for muni investors to follow:

Tight inventories hurt Talbots sales (Reuters)

Reuters - Women's clothing retailer Talbots Inc posted lower-than-expected quarterly sales and its shares fell 11.6 percent as efforts to keep inventory lean and preserve margins left it short of items to sell.

Japan's intervention hints fail to halt yen (Reuters)

Reuters - Japan's finance minister acknowledged currency intervention is an option for the first time since the yen's 14 percent rise since May, and a candidate to become prime minister sanctioned solo intervention as the yen jumped to a 15-year high versus the dollar.

Toyota offers free Hispanic pride stickers (AP)

AP - Toyota Motor Corp., hoping to solidify its standing as the top brand for Hispanic buyers in the U.S., is offering drivers a series of stickers that celebrates their Hispanic heritage.

SEC probes "quote stuffing" practices: Schapiro (Reuters)

Reuters - U.S. regulators are probing certain practices around "quote stuffing," where large numbers of rapid-fire stock orders are placed and canceled almost immediately, Securities and Exchange Commission Chairman Mary Schapiro said on Tuesday.

The Treasury's New Research Office (BusinessWeek)

BusinessWeek - Don't expect an Elizabeth Warren-style campaign for the first director of the Office of Financial Research, yet another agency set up under the financial system overhaul. Unlike the pending decision over who will lead the Consumer Financial Protection Bureau, which has prompted online petitions and a viral rap video in support of the Harvard law professor, the competition over who will be the head of the research office is a wonks-only affair. ...