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 Market Update - U.S. stocks fall sharply on Wednesday as Federal Reserve Chairman Ben Bernanke repeats that any reduction in the central bank’s stimulus moves depends on the outlook for the economy. 
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Business News
WASHINGTON (AP) — In a move that could send interest rates higher, Fed Chairman Ben Bernanke ended weeks of speculation Wednesday by saying the Federal Reserve will likely slow its bond-buying program this year and end it next year because the economy is strengthening.
NEW YORK (AP) — Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic stimulus program later this year and end it by the middle of next.
NEW YORK (AP) — Men's Wearhouse doesn't like the way its founder looks anymore. The men's clothier said Wednesday that it fired executive chairman and face of the company George Zimmer, 64, who has appeared in many of its TV commercials with the slogan "You're going to like the way you look.
DALLAS (AP) — FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options and the company spent heavily on restructuring.
WASHINGTON (AP) — Already reeling from a pair of scandals, the Internal Revenue Service is drawing new criticism over plans to hand out millions of dollars in employee bonuses.
DETROIT (AP) — Car buyers increasingly want high-tech features like voice recognition and navigation. But they're not very forgiving of the car company when those systems fail.
DALLAS (AP) — A government review finds that the merger of American Airlines and US Airways would reduce competition on more than 1,600 routes traveled by more than 53 million passengers.
MILAN (AP) — Sophia Loren wore green silk and sunglasses for her date with the taxman, Luciano Pavarotti a suit and sneakers. Diego Maradona gave up his diamond stud earring to pay off a tax debt.
CHAMPAIGN, Ill. (AP) — OfficeMax Inc. and Office Depot Inc. want Illinois and Florida to compete to be the home of their combined headquarters if their proposed merger is approved by offering the best package of tax breaks that they can.
Still a little hazy about the health care overhaul? You have plenty of company. About half the people surveyed earlier this spring by the nonpartisan Kaiser Family Foundation felt they didn't have enough information to understand how the law will affect their family.
DETROIT (AP) — Porsche is the top performer in an annual survey of new vehicle quality. J.D. Power questioned more than 83,000 U.S.
WASHINGTON (AP) — The Federal Reserve sketched a slightly brighter picture of the U.S. economy this year and next, a sign it is moving closer to slowing its bond-buying program.
NEW YORK (AP) — The price of oil fell slightly Wednesday as the Federal Reserve indicated it's closer to easing up on economy boosting measures that have been a boon for commodities.
WASHINGTON (AP) — The Justice Department violated its own rules when it secretly seized records for thousands of phone calls to and from journalists for The Associated Press as part of a leak investigation, the head of the company said Wednesday.
LE BOURGET, France (AP) — Unmanned aircraft have helped rescue stranded hikers, worked to contain wildfires and gathered data at nuclear accidents.
TRENTON, N.J. (AP) — If doctors and patients used prescription drugs more wisely, they could save the U.S. health care system at least $213 billion a year, by reducing medication overuse, underuse and other flaws in care that cause complications and longer, more-expensive treatments, researchers conclude.
SEATTLE (AP) — Passengers from a United Airlines Denver-to-Tokyo flight that diverted to Seattle when the Boeing 787 had an oil filter issue resumed their trip Wednesday, a spokeswoman said.
NEW YORK (AP) — George Zimmer, the ousted founder and executive chairman of Men's Wearhouse, says Wednesday he was dismissed after he and the company's board disagreed about how it should look.
BERLIN (AP) — President Barack Obama raised the prospect Wednesday that Europe might need to adjust its economic policies to tackle high youth unemployment and make sure that some countries don't "lose a generation."
JERUSALEM (AP) — Israel has decided to export 40 percent of the natural gas it expects to produce from offshore wells, keeping a larger amount for local use than expected.
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