Obama seeks corporate tax rate cut, loophole limit (AP)

AP - President Barack Obama rolled out a corporate tax overhaul plan Wednesday that lowers rates but also eliminates loopholes and subsidies cherished by the business world. A long-shot for action in an election year, the plan nevertheless stamps Obama's imprint on one of the most high-profile issues of the presidential campaign.

Treasury says Europe needs solid debt firewall (Reuters)

Reuters - It is "critical" that Europe put up a convincing firewall against the risk of financial contagion from its debt crisis before more aid from the International Monetary Fund is discussed, a top Treasury Department official said on Wednesday.

HP says 1Q earnings down 44 pct, beats Street (AP)

AP - Hewlett-Packard Co., the maker of PCs and printers, on Wednesday said its net income fell, while sales dipped 7 percent in the first full quarter under new CEO Meg Whitman.

Summary Box: Home sales up 4.3 pct. in January (AP)

AP - SALES UP: Sales of previously occupied homes rose in January to a seasonally adjusted annual rate of 4.57 million, the National Association of Realtors said Wednesday. That's the highest level since May 2010.

Oil prices rise on continued concern about Iran (AP)

AP - Oil prices rose Wednesday on the expectation that world supplies could be squeezed further because of ongoing tensions with Iran.

Burned before, Fed officials cautious on rebound (Reuters)

Reuters - U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.

Banks sink on European economic worry (Reuters)

Reuters - Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.

Home resales at 1-1/2 year-high, supply falls (Reuters)

Reuters - Home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.

Take Two: Can a Second Bailout Save Greece? (Time.com)

Time.com - After months of delays, arguments and doubts, euro zone finance ministers agreed on a second, $170 billion bailout of beleaguered Greece in the early hours of Tuesday morning

Romney proposes 28 percent top income tax rate (Reuters)

Reuters - Republican Mitt Romney, looking for a boost in his presidential campaign, proposed an overhaul of the tax system on Wednesday that he said would cut Americans' tax rates by 20 percent and limit deductions for the wealthy.

GM in alliance talks with Peugeot in Europe (AP)

AP - General Motors Co. is in talks about a possible alliance with France's leading car maker PSA Peugeot Citroen, a deal that could dwarf PSA's partnerships with BMW, Mitsubishi Motors and Toyota.

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.

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.

U.S. consumer agency to examine bank overdraft fees (Reuters)

Reuters - The new U.S. Consumer Financial Protection Bureau is weighing a crackdown on checking account overdraft fees charged by banks, saying the charges can "inflict serious economic harm" on consumers.

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.

World stocks rise on hopes for Greece, US economy (AP)

AP - Stock markets advanced Friday on hopes that Greece would soon get its crucial second bailout and following another batch of upbeat U.S. economic news.