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Barack Obama has been elected president with 52 percent of the popular vote. A day after the result, he named his transition team. Obama will have to navigate between lawmakers like Rep. Charlie Rangel (D-N.Y.), who wants new spending programs, and blue dog Democrats who want to work with pay-go rules.

There is a growing confrontation between the Israeli government and radical Jewish settlers in the occupied West Bank. After security forces destroyed an unauthorized settler outpost, the settlers called for violence against Israeli soldiers and rampaged through a Palestinian village. Senior Israeli officials are pushing for tougher action against the right-wing settlers.

Since slipping behind in the polls, Republican hopeful John McCain has been intensifying his attacks on Democrat Barack Obama. Mindful that the economy is uppermost in voters' minds, McCain repeated Wednesday the proposal he floated in Tuesday's debate: having the government come directly to the aid of people whose homes have lost value and who can't meet their monthly payments.

The U.S. House has rejected the $700 billion Wall Street bailout plan, ignoring calls for quick passage from the Bush administration and a bipartisan line of congressional leaders. Stocks started to plunge before the final gavel.

The current economic climate is prompting investors to ask where the economy is heading. Juli Niemann, an executive vice president at Smith Moore & Company in Saint Louis, says she's discouraging investors both from panic selling and from bargain buying at this point.

Democrat Hillary Clinton has proposed policy changes that would cap how much insured people have to pay for prescription drugs and put limits on the share of costs beyond premiums that consumers bear.

The federal government has lent $170 billion to troubled insurance giant AIG to prevent its collapse. There's been criticism of that bailout, but it pales when compared to widespread outrage over the $165 million that AIG paid recently in employee bonuses. Republicans have gone on the offensive against the Obama administration, while Democrats are scrambling to recoup the bonus payments.

The federal government has ordered some of the nation's largest banks to raise a total of $75 billion. The Treasury Department revealed the results of its so called "stress tests" to assess the health of the financial system. Bank of America, Wells Fargo, Citigroup and others will be required to raise more capital.

Israel and Hamas have ignored a U.N. Security Council call for an immediate cease-fire. Israel continued attacks in Gaza and Hamas kept up with its rocketing of Israel. Meanwhile, U.N. officials said they plan to resume aid to Gaza as soon as practical.

Israel held elections Tuesday and preliminary results show both Likud's Benjamin Netanyahu and Kadima's Tzipi Livni claiming victory. The results are a sign of the difficult coalition government talks to come.