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August 04, 2010 07:43 AM

Morning Business Brief

  • Stock prices lost ground in the latest session. The Dow dropped 38 points to 10,636. The S&P was down 5 and the Nasdaq shed nearly a dozen points.
  • A gauge of the nation's service sector is due up today. The Institute for Supply Management is expected to indicate that the sector has expanded at a slightly slower pace.
  • Most Asian markets were lower today, with Japan's Nikkei index falling 2 percent to 9,503. The markets were hurt by economic and earnings reports that were a reminder that the U.S. economic recovery remains fitful. Indexes in India, Indonesia, Malaysia and Thailand managed to close higher.
  • Oil prices were lower in Asia following a report that U.S. crude inventories fell less than expected last week. Benchmark crude for September delivery was down 38 cents to $82.17 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
  • Home sales in South Florida last month were sharply higher than they were a year ago, although they slipped slightly from June. The Miami Herald reports that pending home sales in Miami-Dade County jumped 40.5 percent in July over the same period last year. Condo sales were up 59 percent.