Day 2, 2AM Update: Medals Awarded In Shooting and Swimming

This is the midday update for Day 2 of competition of the Beijing Olympic Games. Lots of action going on at the same time, but only five sets of medals awarded so far today, most of which being awarded at the pool in the Water Cube.

LATEST NEWS AND MEDAL RESULTS
Earlier today, four finals took place in swimming. Michael Phelps started the Olympic swimming program off with a world record win in the 400 meter Individual Medley, holding off Hungary's Laslo Cseh and American Ryan Lochte. This win gets him his seventh gold medal and ninth overall. Phelps is looking for a total of eight gold medals, which would break Mark Spitz's record of seven gold medals in a single Olympic Games accomplished in 1972.

South Korean Tae-Hwan Park won gold in the 400 meter freestyle, beating out Larsen Jensen of the United States and China's Zhang Lin, who grabbed bronze and silver respectively. In the women's 400 meter Individual Medley, Stephanie Rice and Kirsty Coventry went head to head in the final while American Katie Hoff raced in the first of five scheduled individual events that she'll compete in at these Olympic Games. Rice won the event for Australia, Coventry grabbed silver and Hoff, surprisingly, finished with the bronze in an event that she usually dominates.

In the final event of the morning, the Netherlands grabbed gold in the women's 4x100 meter freestyle relay. Dara Torres anchored the U.S. team to a silver medal and Australia came back from behind to finish in the bronze medal position.

One other set of medals were awarded today in the sport of shooting. Guo Wenjun of China won gold in the women's 10m Air pistol final. Eight of her 10 shots in the final were within the 10.0 target as she finished with 402.3 score, a new Olympic record. Natalia Paderina of Russia, who had an Olympic record after qualifying, finished in second place and Gerogia's Nino Salukvadze finished with the silver medal.

GOING ON NOW!:
- Boxing Preliminary rounds in the Men's Light Welterwright division.
- Artistic Gymnastics Women's qualifications
- Men's Volleyball Preliminary matches: USA vs. Venezuela, Italy vs. Japan
- Tennis First Round Matches

Still to come...
Men's basketball preliminary games, including a rematch of the world championship game between Spain and Greece. The United States will face China later tonight in Beijing (10AM EDT).

Men's soccer preliminary games, including Italy vs. South Korea and Argentina vs. Australia.

Cycling, Women's Road Race Final.

Archery, Women's Team Final.

ON TV...
Coming up at 2AM EDT, CNBC has continuing coverage of tennis and boxing. while USA Network has coverage of preliminary basketball games as well as equestrian and badminton.

Then in the NBC daytime show at 10AM, live coverage of USA Men's Basketball against China as well as preliminary heats in swimming.

NEXT LIVE BLOG:
Will be coming up at 2:45AM EDT with coverage of the Spain vs. Greece men's basketball game.