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Business/Economy

  • Dow falls below 11,000 as dollar rises

    NEW YORK (AP) — A stronger dollar and a surprise interest rate hike in China that may slow that country's economy helped push stocks sharply lower Tuesday.

    The Dow Jones industrial average fell below 11,000 for the first time in a little more than a week, reversing a streak that had sent the index up nearly 8 percent for the year.

    The announcement that China, whose rapid growth has helped pull the global economy along, raised a key interest rate to fight inflation sent U.S. stocks lower.

  • Government reports $1.3 trillion budget deficit

    WASHINGTON (AP) — The Obama administration said Friday the federal deficit hit a near-record $1.3 trillion for the just-completed budget year.

    That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as joblessness neared double-digit levels in a struggling economy.

  • Government to report on $1 trillion-plus deficit

    WASHINGTON (AP) — The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.

    The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 — the highest deficit on record.

  • Consumer prices, excluding gas, flat last month

    WASHINGTON (AP) — Consumer prices, excluding energy, were flat in September for the second straight month, a sign that cost-conscious consumers are making it difficult for businesses to charge more.

  • Bernanke: Fed wrestles with size of aid program

    WASHINGTON (AP) — The Federal Reserve is prepared to take further steps to rejuvenate the economy by buying Treasury bonds but is wrestling with how big the program should be, Chairman Ben Bernanke said Friday.

    Bernanke also indicated that Fed policymakers are trying to craft a plan to lift inflation from super-low levels. He made his remarks in a speech delivered to a Fed conference in Boston.

  • It's official: No increase for Social Security next year

    WASHINGTON (AP) — More than 58 million retirees and disabled Americans will get no increase in Social Security benefits next year, the second year in a row without a raise.

    The Social Security Administration said Friday inflation has been too low since the last increase in 2009 to warrant an increase for 2011. The announcement marks only the second year without an increase since automatic adjustments for inflation were adopted in 1975. The first year was this year.

  • Council candidates forum attracts standing room crowd

    The Los Alamos Monitor and the Los Alamos Chamber of Commerce sponsored a council candidates forum Thursday evening that focused on economic issues.

    Read the full story in Friday's edition of the Los Alamos Monitor.

  • Banks seize 288K homes in Q3, but challenges await

    LOS ANGELES (AP) — Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.

  • Bubble, bubble, toil and trouble!

    The main drain at Mountainair Cleaners in Central Park Square backed up this morning, flooding the floor and halting business for the day.

  • Commodities lifts materials and industrial stocks

    NEW YORK (AP) — Surging prices for metals, oil and other commodities lifted stock prices on Wednesday, especially industrial and materials companies.

    Strong corporate earnings reports from JPMorgan Chase & Co., Intel Corp. and railroad operator CSX Corp. also gave investors more reasons to be assured about the economy.