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September 19, 2011 01:17 PM

Monday Afternoon Business Brief

After last week's strong advance, stock prices are sharply lower today.
The Dow has been down more than 200 points.
  • President Barack Obama's debt plan calls for $1.5 trillion in new taxes targeting the wealthy. It is part a total 10-year deficit reduction package totaling more than $3 trillion.
  • Treasury Secretary Timothy Geithner denies allegations in a new book about the White House that he ignored a direct order from President Barack Obama to help firm up the banking industry. Geithner says that he absolutely did not and would never ignore a request from the president.
  • Netflix plans to separate its DVD-by-mail business from the online movie streaming service it sees as the future of entertainment consumption. CEO Reed Hastings also apologized to subscribers for the way the company communicated its decision to split the two services, which raised prices for those who want both.
  • Oil has dropped more than 2 percent on growing concerns about Europe's ability to solve its credit crisis.  Benchmark crude lost more than $2 at above $85 a barrel in New York.

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