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• Wall Street retreats for sixth day, S&P may test 1,250 (Reuters)
• OPEC talks collapse, pushing oil prices higher (Reuters)
• Fitch warns U.S. risks coveted AAA credit rating (Reuters)
• China warns U.S. debt-default idea is "playing with fire" (Reuters)
• McDonald's May U.S. sales hurt by high gas prices (Reuters)
• Blog Attacks Slam China Stocks (Investor's Business Daily)
• Ambassador nominee says Afghanistan not hopeless (AP)
• Hovnanian Enterprises' loss grew in fiscal 2Q (AP)
• Euro zone eyes private sector role in Greek debt deal (Reuters)
• Mortgage applications slipped last week: MBA (Reuters)
• Strauss-Kahn lawyers to probe maid's personal life (AFP)
• More retailers hit by organized crime: survey (Reuters)
• Senate hearing: high debts from for-profit schools (AP)
• ExxonMobil makes big oil find in Gulf of Mexico (AFP)
• Report: IRS lax in checking auto buying deductions (AP)
• Ford finalizes Russian joint venture with Sollers (AP)
• Q&A: SloanGear's Lorenzo Farronato (BusinessWeek)

Wall Street retreats for sixth day, S&P may test 1,250 (Reuters) Posted: 08 Jun 2011 08:53 AM PDT Reuters - U.S. stocks slipped for the sixth straight day on Wednesday after Federal Reserve Chairman Ben Bernanke's assessment of the economy kept investors worried about the recovery.

OPEC talks collapse, pushing oil prices higher (Reuters) Posted: 08 Jun 2011 09:49 AM PDT Reuters - OPEC talks broke down in acrimony Wednesday without an agreement to raise output after Saudi Arabia failed to convince the oil cartel to lift production.

Fitch warns U.S. risks coveted AAA credit rating (Reuters) Posted: 08 Jun 2011 09:04 AM PDT Reuters - The United States probably wouldn't be able to maintain its prized AAA sovereign ratings status if it suffered even a "technical" default on its debt, Fitch Ratings said on Wednesday.

China warns U.S. debt-default idea is "playing with fire" (Reuters) Posted: 08 Jun 2011 04:55 AM PDT Reuters - Republican lawmakers are "playing with fire" by contemplating even a brief debt default as a means to force deeper government spending cuts, an adviser to China's central bank said on Wednesday.

McDonald's May U.S. sales hurt by high gas prices (Reuters) Posted: 08 Jun 2011 05:59 AM PDT Reuters - McDonald's Corp reported a lower-than-expected sales increase at established stores in the United States in May as high gas prices and unemployment crimped its business.

Blog Attacks Slam China Stocks (Investor's Business Daily) Posted: 07 Jun 2011 02:19 PM PDT Investor's Business Daily - Some U.S.-listed Chinese companies these days resemble ducks in a shooting gallery.

Ambassador nominee says Afghanistan not hopeless (AP) Posted: 08 Jun 2011 09:51 AM PDT AP - President Barack Obama's choice for U.S. ambassador to Afghanistan said Wednesday the United States must continue its investment in the country to prevent it from backsliding into a safe haven for terrorists.

Hovnanian Enterprises' loss grew in fiscal 2Q (AP) Posted: 07 Jun 2011 03:35 PM PDT AP - Hovnanian Enterprises Inc. said Tuesday that its loss more than doubled in its fiscal second quarter, as the homebuilder sold fewer homes and booked higher land-related charges.

Euro zone eyes private sector role in Greek debt deal (Reuters) Posted: 08 Jun 2011 07:40 AM PDT Reuters - The euro zone edged closer on Wednesday to a compromise on a second Greek bailout package under which private creditors would be asked to swap their sovereign debt holdings for bonds with longer maturities.

Mortgage applications slipped last week: MBA (Reuters) Posted: 08 Jun 2011 04:09 AM PDT Reuters - Applications for home mortgages eased last week, although demand for refinancing improved as interest rates edged down, an industry group said on Wednesday.

Strauss-Kahn lawyers to probe maid's personal life (AFP) Posted: 08 Jun 2011 09:35 AM PDT AFP - Lawyers for Dominique Strauss-Kahn intend to investigate the hotel maid accusing the former IMF chief of attempted rape for evidence of behavioral problems, court documents show.

More retailers hit by organized crime: survey (Reuters) Posted: 07 Jun 2011 09:17 PM PDT Reuters - Sophisticated technology, less staff at stores and more gang activity are all contributing to more U.S. stores being hit by organized crime, according to a survey by an industry group.

Senate hearing: high debts from for-profit schools (AP) Posted: 07 Jun 2011 01:12 PM PDT AP - Students attending for-profit colleges are subject to subprime mortgage-like loans that saddle them with thousands of dollars in debt and waste millions in taxpayer dollars, Democratic lawmakers and education experts said at a Senate hearing Tuesday.

ExxonMobil makes big oil find in Gulf of Mexico (AFP) Posted: 08 Jun 2011 09:18 AM PDT AFP - ExxonMobil said Wednesday it had made one of the biggest oil discoveries in years in the Gulf of Mexico in its first drilling since the US lifted a deepwater exploration ban in October.

Report: IRS lax in checking auto buying deductions (AP) Posted: 08 Jun 2011 09:58 AM PDT AP - A watchdog report says the IRS did not require proof from people claiming deductions for new vehicle purchases allowed under the 2009 economic stimulus act. It says the IRS has been slow to investigate instances of claims for excessive deductions.

Ford finalizes Russian joint venture with Sollers (AP) Posted: 08 Jun 2011 09:44 AM PDT AP - Ford Motor Co. says it has finalized a deal with Russian automaker Sollers to build cars and other vehicles in Russia.

Q&A: SloanGear's Lorenzo Farronato (BusinessWeek) Posted: 08 Jun 2011 05:08 AM PDT BusinessWeek - Lorenzo Farronato recently graduated from MIT's Sloan School of Management (Sloan Full-Time MBA Profile), where he served as a co-owner and chief marketing officer of SloanGear, a student-run business that sells school merchandise to the community. The concept of SloanGear, which has about a 20-year history on campus, is unique because it is student owned and operated, with no involvement by the school.

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