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Stocks extended their loss on Wall Street today. Blue chips down more than 500 points at one time. Preliminary closing numbers have the Dow down 421 points right now, with financials and tax stocks hit hard. The NASDAQ and the S&P 500 both down more than 4%. Sour economic news out today didn't help as more people filed for unemployment benefits last week, and word that manufacturing activity in the Federal Reserve’s Philadelphia region weakened. Also economists2 at Morgan Stanley say both the US and European economies are dangerously close to recession.
The existing home sales fell down 3.3% in July. That translates to a seasonally3 adjusted annual rate of just under 4.7 million homes, the lowest rate since late last year. NPR's Wendy Kaufman reports.
The numbers were well below expectations. Analysts4 were expecting July sales to be higher, not lower. But three factors continue to drive sales and prices downward. First, credit remains5 hard to get. While interest rates are at record lows, lenders have imposed higher standards, and low appraisals6 don't help. Cancellations of sales contracts are increasing. Some of that may be cold feet by buyers; some of it could be the inability to get a loan. And finally consumer confidence remains weak. The debt crisis, the job outlook, the possibility of a double-dip recession. As the chief economist1 for the National Association of Realtors put it, economic catastrophe[s] are not good words for buyers. Wendy Kaufman, NPR News.
And if you can qualify, home loans are cheap right now. The average rate on the 30-year fixed7 mortgage is down to the lowest level on record. Freddie Mac says the rate dipped to 4.15%. The average on the 15-year fixed mortgage is down to 3.36%.
President Obama says the time has come for Syrian President Bashar al-Assad to step aside. As NPR's Michele Keleman reports the US is also stepping up sanctions to punish Assad for a brutal8 crackdown on protesters.
Shortly after President Obama issued a written statement condemning9 what he called "disgraceful" attacks on Syrian citizens, his Secretary of State Hillary Clinton appeared before cameras to put a fine point on the tougher line from Washington.
"The transition to democracy in Syria has begun, and it's time for Assad to get out of the way."
The Obama administration is banning the import of Syrian petroleum11 products and preventing Americans from investing in Syria. As President Obama explained, he wants to deepen Assad's financial isolation12 and disrupt the Syrian government's ability to finance a campaign of violence against the Syrian people. Michele Keleman, NPR News, Washington.
And on Wall Street, preliminary closing numbers, the stocks did pull off earlier lows. The Dow down 419 points at 10,991. The NASDAQ down 131 points. That's more than a 5% drop, ending at 2,380. The S&P 500 down 53 points at 1,141. That's about a 4.5% drop.
This is NPR.
Hackers13 again have broken into the computer system of the San Francisco Bay Area Rapid Transit10 System called the BART. It's the second time this week, this time gaining access to the website of BART police union, publishing the names, home addresses and email addresses of police. The hacking14 group Anonymous15 is angry over the agency's controversial decision to block cell phone service for a day last week. Agency officials say they were trying to prevent a flash mob over a transit police shooting death this summer.
Some 20,000 people gathered today to honor three men killed in Britain's recent riots. NPR's Philip Reeves says the ceremony was in the city of Birmingham.
They filled a park. A crowd of many thousands gathered to mourn and celebrate the men. Haroon Jahan and brothers Shazad Ali and Abdul Musavir were mown down by a car during riots in Birmingham, Britain's second largest city. They were trying to protect stores from looters. Four men were accused of their murder. Many of the crowd were Muslims, but members of other faiths were there too in a remarkable16 show of solidarity17. Prayers were held ahead of private burials. One man stood out. Tariq Jahan, father of one of the three, whose extraordinary appeals for calm just after his son's death, is(are口误) believed to have averted18 violence between Birmingham's black and Asian populations. This ceremony brought more calls for peace and unity19. Philip Reeves, NPR News, London.
The worst drought in Texas since the 1950s is drying up lakes, emptying reservoirs and leaving some towns facing the prospect20 of running out of water. Nearly 500 water systems are under mandatory21 restrictions22. State environmental officials say that is unprecedented23.
Oil down sharply today, down 5.20$ to 82.30$(口误) a barrel in New York.
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1 economist | |
n.经济学家,经济专家,节俭的人 | |
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2 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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3 seasonally | |
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4 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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5 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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6 appraisals | |
估计,估量,评价( appraisal的名词复数 ) | |
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7 fixed | |
adj.固定的,不变的,准备好的;(计算机)固定的 | |
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8 brutal | |
adj.残忍的,野蛮的,不讲理的 | |
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9 condemning | |
v.(通常因道义上的原因而)谴责( condemn的现在分词 );宣判;宣布…不能使用;迫使…陷于不幸的境地 | |
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10 transit | |
n.经过,运输;vt.穿越,旋转;vi.越过 | |
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11 petroleum | |
n.原油,石油 | |
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12 isolation | |
n.隔离,孤立,分解,分离 | |
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13 hackers | |
n.计算机迷( hacker的名词复数 );私自存取或篡改电脑资料者,电脑“黑客” | |
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14 hacking | |
n.非法访问计算机系统和数据库的活动 | |
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15 anonymous | |
adj.无名的;匿名的;无特色的 | |
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16 remarkable | |
adj.显著的,异常的,非凡的,值得注意的 | |
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17 solidarity | |
n.团结;休戚相关 | |
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18 averted | |
防止,避免( avert的过去式和过去分词 ); 转移 | |
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19 unity | |
n.团结,联合,统一;和睦,协调 | |
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20 prospect | |
n.前景,前途;景色,视野 | |
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21 mandatory | |
adj.命令的;强制的;义务的;n.受托者 | |
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22 restrictions | |
约束( restriction的名词复数 ); 管制; 制约因素; 带限制性的条件(或规则) | |
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23 unprecedented | |
adj.无前例的,新奇的 | |
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