A four-session winning streak for Wall Street came to an end yesterday. The Dow dropped 40 points to 13,553. The S&P and the Nasdaq were both down about five points. Today world stock markets are mostly lower amid signs that Europe will take longer than expected to set up a new authority to supervise European banks.
- The National Association of Home Builders today releases its survey covering builder sentiment. Also, the Commerce Department reports on the current account trade deficit for the second quarter.
- Oil has climbed back above $97 a barrel in Asia after yesterday's unexpected plunge. Benchmark crude for October delivery was up 44 cents at $97.06 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. In the U.S. yesterday, oil suddenly plunged more than $4 per barrel for reasons that remain unclear.
- The German government agency overseeing IT-safety is warning of a security breach in Microsoft's Internet Explorer. It's recommending that users of Internet Explorer versions 7, 8 or 9 switch to alternative browsers until Microsoft updates its browser's security features. The agency says the code to attack computers running on Windows XP or Windows 7 operating systems through the browser is freely available online and could spread rapidly.
- The Canadian Auto Workers union has decided to keep working past a midnight strike deadline after reaching a deal with Ford and extending its contracts with General Motors and Chrysler. The union president says workers will stay on the job as talks continue, but can go on strike after giving GM and Chrysler 24 hours' notice.
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