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Market doldrums as trading resumes ... Toyota recall ... IRS collections

By The Associated Press | Posted - Sep. 29, 2014 at 3:31 p.m.



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NEW YORK (AP) — The stock market started the new week almost as badly as it finished the old. Worries about global instability and high stock prices caused major stock indexes to finish with slight losses today. The Dow Jones industrial average sank 178 points in the opening minutes, a sudden drop of 1 percent, but climbed back. The Dow lost nearly 42 points. The Standard & Poor's 500 index lost 5.05 points and the Nasdaq composite slipped 6.34 points.

DETROIT (AP) — Toyota says it is recalling 690,000 Tacoma pickup trucks because the rear leaf springs could break, puncture the gas tank and cause a fire. The recall covers Tacoma Four-by-Four and Pre-Runner pickups from the 2005 through 2011 model years.

WASHINGTON (AP) — A new federal report out today says the IRS failed to take all required steps for collecting unpaid taxes from people it can't locate in over half the cases that investigators studied. The study doesn't estimate how much money that costs the government overall. But it says that in 2012, the IRS declared $6.7 billion in unpaid taxes to be uncollectable — involving nearly 483,000 tax returns — because it couldn't find the taxpayer.

WASHINGTON (AP) — Fewer Americans signed contracts to buy homes in August, suggesting that real estate sales will remain sluggish over the next few months. The National Association of Realtors says its seasonally adjusted pending home sales index fell 1 percent over the past month to 104.7. Higher prices and weak wage growth has limited buying, as the index is 2.2 percent below its level from a year ago.

DEARBORN, Mich. (AP) — Ford shares tumbled today after the automaker said it will fall short of its full-year profit goals. At a conference for investors, the Dearborn, Michigan-based automaker said it expects a pretax profit of around $6 billion this year, down from the $7 billion to $8 billion it previously forecast.

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The Associated Press

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