(Reuters) - Federal Reserve Chairman Ben Bernanke on Wednesday will likely use his first-ever news conference on monetary policy to hammer home the case for a patient approach to withdrawing the central bank's extensive support for the U.S. economy. Following a two-day Fed policy meeting, which resumed at 8:30 a.m., Bernanke will face the press in the first regularly scheduled news conference by a Fed chairman in the central bank's 97-year history.

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(Reuters) - Defense contractors General Dynamics (GD.N) and Northrop Grumman (NOC.N) delivered better-than-expected quarterly results as profit in most of their businesses helped overcome a challenging sales environment. Boeing Co (BA.N) also topped Wall Street profit estimates despite flat sales in its defense unit. The company is benefiting from a recovery in commercial aerospace.

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(Reuters) - Johnson & Johnson is to buy Swiss medical devices maker Synthes Inc for 19 billion Swiss francs ($21.6 billion) in its largest ever buy, boosting its orthopedic business. The U.S. healthcare group will pay 159 Swiss francs in cash and stock for each Synthes share, the two companies said on Wednesday, in a deal that will give J&J a leading position in equipment to treat trauma.

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(Reuters) - Leading global home appliance makers Whirlpool Corp (WHR.N) and Electrolux (ELUXb.ST) backed price rises to offset soaring raw materials costs and forecast modest growth in core North American and European markets. Growth in emerging markets, where the two industry leaders are focusing increasing efforts, was expected at a more rapid pace, they said in quarterly reports on Wednesday.

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(Reuters) - Standard and Poor's threatened to cut Japan's sovereign credit rating again, warning the huge cost of last month's devastating earthquake will hurt already weak public finances unless bickering politicians can agree to raise taxes. It affirmed its long-term sovereign credit rating on Japan at AA minus -- the lowest among the major agencies -- but downgraded the outlook to negative from stable.

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(Reuters) - Nokia will axe 7,000 jobs and outsource its legacy Symbian software to slash 1 billion euros ($1.46 billion) of costs as it struggles to compete in the fierce smartphone market. Nokia, the world's largest phone maker by volume, on Wednesday detailed an overhaul of its phone business following its decision to start using Microsoft software instead of its own Symbian platform.

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(Reuters) - Brent crude oil edged above $124 a barrel Wednesday as support from a weaker dollar, ahead of a Federal Reserve statement expected to maintain loose monetary policy, countered rising U.S. inventories. The dollar slid to a three-year low as investors bet that the Fed, after a meeting that ends Wednesday, would keep an easy policy. The fall helped support dollar-denominated oil, which has attracted investment as a hedge against inflation.

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(Reuters) - U.S. stocks rose on Tuesday after a series of solid earnings from big U.S. companies while a rise in consumer confidence eased concerns that shoppers were feeling the pinch of higher oil prices. The Dow Jones industrial average .DJI rose 45.75 points, or 0.37 percent, at 12,525.63. The Standard & Poor's 500 Index .SPX added 5.69 points, or 0.43 percent, at 1,340.94. The Nasdaq Composite Index .IXIC gained 10.36 points, or 0.37 percent, at 2,836.24.

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(Reuters) - Ford Motor Co reported its best first-quarter profit in 13 years, driven by strong sales in its home market and demand for more fuel-efficient vehicles. Ford also said on Tuesday that last month's earthquake which has hurt the supply chain in Japan has had "minimal" impact on its business, and analysts said Ford may even stand to gain.

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(Reuters) - Single-family home prices fell for an eighth straight month in February, inching closer to an April 2009 trough, a closely watched survey said on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in February from January on a seasonally adjusted basis, slightly better than economists' median forecast for a drop of 0.3 percent.

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