Wall Street Nudges Higher

Stocks advanced for the second day this week after struggling during the first 30 minutes of the session. A variety of heavily-weighted Dow components rose including Boeing (BA), 3M (MMM), and Caterpillar (CAT). The advances helped the Dow cut some losses and reach higher ground. Three stocks rose for every one that fell on the New York Stock Exchange. Investors were encouraged by the Federal Reserve's release of its Beige book, which showed improving economic conditions in its 12 districts. Consumer spending continues to be a sore spot in the economy. A report showing a drop in the outstanding credit renewed worries about spending. Optimism surrounding potential profits at big industrial companies also contributed to gains during the session. U.S. light crude oil for October delivery rose 21 cents to $71.31 a barrel on the New York Mercantile Exchange. The greenback continued to hold its low position versus the euro and yen.

Holler if you like the dollar. Anyone?

Straight from the Street

Apple (AAPL) kicked off its highly-anticipated media event today. The company made several music-related announcements , some of which concerned the iPhone. Steve Jobs made a surprise appearance at the event and received a standing ovation from the audience.

Video -- Apple's Jobs Delivers

Has the world found its "Goldilocks" price for oil at $70 a barrel? Prices are not too high for consumers and not too low for producers. Members of OPEC seem to think that the price is just right. Oil ministers are expected to hold output targets steady .

From OPEC: The power of Saudi Arabia

Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC), among the worst performers of banks in the U.S. government's main foreclosure prevention plan , stepped up their pace of mortgage modifications. BofA said that in August it more than doubled the number of people it helped under the plan. In addition, Wells Fargo improved by 64 percent to 33,172 according to a US Treasury report.

Bank of America may be helping more homeowners, but New York Attorney General Andrew Cuomo wants them to help him. Cuomo wants BofA to disclosed lawyers' advice on the Merrill Lynch deal since the company wants to blame them for the issues surrounding the merger.

BofA Lawyers Reject Cuomo's Criticism

U.S. mortgage applications surged last week to their highest since late May as consumers took advantage of record low interest rates.

5 Questions about Government's Role in the Mortgage Business

Are people finally getting tired of McDonald's (MCD)? The home of the Big Mack reported that same-store sales rose 2.2% in August, the smallest monthly gain since February.

The Feds delivered another piece of positive information about the economy. According to a new survey, economic activity is stabilizing or improving in the vast majority of the country.

Americans are still focuses on cutting their debt despite the turnaround in the economy. Consumers slashed their outstanding credit by a record $21.5 billion in July.

Sorry Sprint (S) subscribers! The company has withdrawn its $100 service credit for new subscribers that buy a Palm Inc Pre smartphone.

Other Juicy Tidbits

You too can own a piece of history. Bernie Madoff's lavish penthouse in New York City and his vacation home in Florida have officially gone up for sale .

Many regulatory policies were major contributors to the crisis. To proceed without examining past policies, particularly in the areas of housing and bank capital regulation, would preclude learning the lessons of history. Let's examine some of the myths and realities surrounding regulation.

What 9/9/09 Means Across the World