AP - Tax rebate checks gave consumers a little extra money in their pockets during May, but most were still spending conservatively, buying necessities such as food and gas and shying away from splurging on clothing or furniture. The result was some better-than-expected sales for the nation's retailers, with lower-priced merchants like discounters and wholesale clubs showing the strongest gains.

Reuters - Blue-chip stocks dipped on Wednesday to close at their lowest since mid-April after Federal Reserve Chairman Ben Bernanke stoked inflation worries and concerns about more credit losses dogged financial shares.

AP - Federal Reserve Chairman Ben Bernanke said Wednesday he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks.

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.