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Evening Business Brief

August 10, 2011, 5:31 PM

Evening Business Brief
Yesterday's rebound on Wall Street was all but forgotten today amid another ugly decline. The Dow was down about 520 points to 10,720. The S&P dropped 52 points, while the Nasdaq dropped 101 points.
  • The nation's federal budget deficit has topped $1 trillion for a third straight year. The Treasury Department says the deficit through July totaled $1.1 trillion. Three years ago, that would have been a record high for the full year.
  • The price of crude was on the rise today.  Benchmark West Texas Intermediate crude added $3.59 to settle at $82.89 a barrel on the New York Mercantile Exchange.
  • The Obama administration is considering a plan to turn thousands of government-owned foreclosures into rental properties with the goal of boosting home prices. The Federal Housing Finance Agency s seeking input from investors on how to rent homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration.
  • Under fire for the phone hacking scandal in Britain, News Corp. reports its profit fell 22 percent in the latest quarter reflecting the sale of Myspace. Excluding the impact of the Myspace sale, adjusted earnings came to 36 cents per share, topping analyst estimates.

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