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Wednesday Afternoon Business Brief

October 24, 2012, 1:24 PM

Wednesday Afternoon Business Brief

Wall Street has seen a modest rebound after yesterday's steep declines in the major averages. A series of downbeat comments on earnings was broken by more positive news coming from Facebook and Boeing.

  • The top federal prosecutor in Manhattan has sued Bank of America for more than $1 billion, alleging mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis. The U.S. attorney says Countrywide Financial, which was later bought by Bank of America, churned out mortgage loans from 2007 to 2009 without making sure that borrowers could afford them.
  • Billionaire investor Warren Buffett says the global economy is definitely slowing because of continued problems in Europe and the decline in Asia. Buffett says the U.S. economy is still improving modestly and business will improve regardless of who wins the presidential election.
  • An expert panel says every expectant mother should get a shot preventing whooping cough, preferably in the last three months of her pregnancy to help protect her baby. The advice comes amid a frightening resurgence of the dreaded childhood disease. More than 32,000 cases, including 16 deaths, have been reported so far this year. 2012 is on track to be the nation's worst year for whooping cough since 1959.
  • Best Buy hopes it can help consumers who might be confused about Microsoft's upcoming operating system launch. The consumer-electronics retailer is looking to capitalize on release of Windows 8. It's trying to lure customers with exclusive computers and staffers trained to explain and demonstrate the new software.

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