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August 17, 2011 01:47 PM

Wednesday Afternoon Business Brief

Stock prices have turned lower since midsession on Wall Street. The U.S. averages began the day higher.
  • President Barack Obama says it will be another year to 18 months before home prices rise and sales pick up. His comments came in response to a question at a town hall in Illinois.
  • Firms were shelling out more for tobacco, trucks and drugs last month. And that caused so-called core inflation to post the biggest rise in a half year. The headline Producer Price Index, meanwhile, was up just 0.2 percent in July.
  • Between better results in grocery sales and a push for credit cards, Target posted a rise in quarterly profit.  The retailer, like Wal-Mart, also raised its outlook for the full year.
  • Wells Fargo says it will test a $3 monthly fee for its debit cards beginning this fall. The flat fee would be applied to checking accounts opened in five states starting in October. That would be on top of monthly service fees of up to $30 already charged by Wells Fargo.