Reuters - Federal Reserve Chairman Ben Bernanke said rising long-term inflation expectations were a "significant concern" for policy-makers but dismissed worry a wage-price inflation spiral was developing.

AFP - The dollar kept a firm footing Wednesday, riding momentum from hawkish comments a day earlier by Federal Reserve chairman Ben Bernanke, as players looked ahead to a European Central Bank meeting.

AP - Worker productivity increased at a faster pace in the first three months of this year than previously estimated, wage pressures moderated and an important measure of business activity showed the service sector skirted recession in May.

AFP - The US economy is holding up in the face of a "serious oil price shock" because it is less dependent on petroleum than in the 1970s, Federal Reserve chairman Ben Bernanke said Wednesday.

Reuters - U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged, an industry group said on Wednesday.

Reuters - U.S. companies' planned layoffs rose 15 percent in May from April to the highest monthly total since December 2005, a report showed on Wednesday.

Reuters - The Dow turned lower on Wednesday, on worry about the prospect of more credit losses after Moody's Investors Service said it will likely cut the credit ratings of the bond insurance arms of MBIA Inc and Ambac Financial Group .

Reuters - The U.S. service sector grew in May for a second straight month, according to a report released on Wednesday that exceeded Wall Street expectations but showed a worrying surge in inflation pressures.

Reuters - U.S. consumers are socking more money into savings, as fears of a weakening economy may be making them reluctant to spend their tax rebate checks, according to analysts who say that may mean the economy faces a prolonged period of slower growth.

Reuters - The U.S. economy showed signs of resilience on Wednesday as the service sector and private employment posted surprising gains for May, but rising inflation pressures cast a shadow over the optimistic figures.

Reuters - A "credit recession" sparked by the U.S. housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo "massive consolidation," leading Wall Street strategists said on Wednesday.