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Stocks rebound...Net worth falls...Budget deficit grows



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NEW YORK (AP) — Stocks are broadly higher in afternoon trading on Wall Street after a three-day losing streak. Energy companies climbed after being beaten down over the past several days. Oil has been trading at its lowest level since early 2009.

WASHINGTON (AP) — The stock market's sharp decline in August and September has taken a toll on Americans' finances. Household net worth fell in the third quarter for the first time in four years. The Federal Reserve says Americans' stock and mutual fund portfolios plunged $2.3 trillion, outweighing a $482 billion increase in home values. Overall, household net worth fell to $85.2 trillion from $86.4 trillion in the second quarter.

WASHINGTON (AP) — The federal budget deficit widened in November, driven by higher spending in such areas as Social Security, Medicare and defense. The Treasury Department says the November deficit climbed to $64.6 billion, up 13.6 percent from a year ago. For the first two months of the budget year that began on Oct. 1, the deficit totals $201.1 billion, a 12.6 percent jump from a year ago.

UNITED NATIONS (AP) — The United Nations says the world economy stumbled in 2015, with growth estimated at just 2.4 percent. The report on the World Economic Situation and Prospects cited a nearly 60 percent drop in oil prices and over 20 percent fall in global commodity prices in the last 18 months. On the plus side, the report says there was no growth in energy-related carbon emissions in 2014 for the first time in 20 years, with the exception of 2009 when the global economy contracted.

DETROIT (AP) — Fiat Chrysler will pay a $70 million fine to the U.S. government for failing to report safety data. The National Highway Traffic Safety Administration announced the fine today. It's in addition to a $105 million penalty levied against Fiat Chrysler earlier this year for its mishandling of nearly two dozen vehicle recalls. The automaker says it's revising its processes to ensure it complies in the future.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

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