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August 24, 2010 01:13 PM

Afternoon Business Brief

Stocks are falling on escalating worries about the economy.
The Dow has been down more than 100 points at midday.
  • Sales of previously occupied homes plunged last month to the lowest level in 15 years. The decline of more than 27 percent is the biggest on records going back to 1968.  
  • Interest rates have dropped again in the Treasury market. The yield on the two-year note has sunk to another record low. And the yield on the 10-year note continued to hover near levels not seen since March 2009.
  • House Republican leader John Boehner says President Barack Obama should fire his top economic team leaders. Boehner also called on Obama to work with the GOP to renew soon-to-expire tax cuts enacted under President George W. Bush. Congress will tackle the issue when it returns next month.
  • Japan's Toshiba is developing technology for a 3-D television that won't require special glasses. A spokeswoman confirmed the effort, but declined to comment on a published report that the Tokyo-based company plans to start selling the new TVs by the end of the year.

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