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NEW YORK (AP) — U.S. stocks jumped at the open after China's central bank cut interest rates to support its economy. The Dow Jones industrial average rose 286 points, or 1.8 percent, to 16,157, as of 10 a.m. Eastern time. The Standard & Poor's 500 index climbed 37 points to 1,930. The Nasdaq composite rose 115 points to 4,641.
WASHINGTON (AP) — U.S. consumer confidence rebounded in August to the strongest reading in seven months after having fallen sharply in July. The Conference Board says that its index of consumer confidence increased to 101.5 in August, up from a revised July reading of 91.0. It was the best showing since January. The survey of consumer opinions was taken before the sharp plunge in the stock market.
WASHINGTON (AP) — Congress' official budget analyst is projecting a federal deficit for this year of $426 billion. That's a substantial drop since the March forecast and the lowest shortfall of Barack Obama's presidency. But the nonpartisan Congressional Budget Office is also warning that without action by lawmakers, federal deficits will start rising again in the next several years.
WASHINGTON (AP) — The Commerce Department says Americans stepped up their purchases of new homes in July, with sales surging in the Northeast. U.S. home prices rose solidly in June, another sign of health in the housing market. The Standard & Poor's/Case-Shiller 20-city home price index rose 5 percent from a year earlier, a slight improvement on May's 4.9 percent increase.
COLUMBUS, Ind. (AP) — Toyota plans to spend $16 million to renovate and expand a central Indiana factory where it builds three- and four-wheel forklifts and other equipment. Toyota has about 1,100 workers in the manufacturing facility near Columbus, along with some 175 people working in sales, marketing and distribution.
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