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NEW YORK (AP) — Stocks are plunging in afternoon trading on Wall Street. The Dow Jones industrial average has been down more than 300 points. The price of crude oil slumped again, surrendering gains from earlier in the day. Investors are also weighing the latest company earnings and economic news from of China.
WASHINGTON (AP) — The Federal Reserve is out with its latest snapshot of the economy. Nine of the Fed's 12 regional banks reported modest or moderate growth in December and early January. Growth in consumer spending was "slight to moderate" in most districts. But the Fed says most manufacturing industries — except for automakers and aircraft manufacturers — "displayed a weakening in activity." The report, known as the Beige Book, will be used for discussion when Fed policymakers meet later this month.
WASHINGTON (AP) — The Treasury Department says the federal budget deficit increased in December. It totaled $14.4 billion in December, compared to a small surplus of $1.9 billion in December 2014. For the first three months of this budget year, the deficit stood at $215.5 billion, an increase of 22 percent over the same period a year ago.
WASHINGTON (AP) — The Treasury Department says it will begin tracking sales of high-end real estate in two of the country's most expensive markets — Miami and Manhattan — to try to crack down on money laundering. The department's Financial Crimes Enforcement Network says it will temporarily require certain title companies to identify individuals behind companies that buy properties through all-cash transactions in those two markets. It's concerned that some real estate deals are being conducted by corrupt foreign government officials or international criminals to launder dirty money.
SAN FRANCISCO (AP) — A specialty car manufacturer is recalling the limousine model involved in a fire that killed five nurses in California. Accubuilt is recalling about 1,000 limousines manufactured between Jan. 2, 1998 and July 21, 2005 because a rubbing driveshaft could increase the risk of fire. The deadly 2013 fire that engulfed a 1999 Lincoln Town Car limo was blamed on a catastrophic failure of the rear suspension system. It's not clear if the recall is directly related to that.
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