MARKETS / FINANCE

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Wall Street weighed down by financial stocks

Stocks fell on Tuesday after a prominent banking analyst warned the sector's fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery.

U.S. economy has bottomed: George Soros

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The U.S. economy has hit bottom and the current quarter will see positive growth due to the government's stimulus spending, billionaire financier George Soros said on Tuesday.
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Madoff deputy charged with 10 criminal counts

Bernard Madoff's longtime deputy Frank DiPascali was charged with 10 criminal counts and is expected to plead guilty later on Tuesday for his role in Wall Street's biggest investment fraud.
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Wall Street down, hurt by financial stocks, data

Stocks fell on Tuesday after data showed an unexpectedly large drop in inventories at wholesalers in June, while an analyst's warning that fundamentals for the banking industry have not improved sent financial sector shares lower.
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Wall St down, hurt by financial stocks, data

Stocks fell on Tuesday after data showed an unexpectedly large drop in inventories at wholesalers in June, while an analyst's warning that fundamentals for the banking industry have not improved sent financial sector shares lower.
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U.S. banks play catch-up on hiring effort

U.S. banks, which have cut thousands of jobs during the two-year-old financial crisis, are suddenly racing to fill empty seats to make the most of soaring stock markets and narrowing credit spreads.
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Dollar snaps three-day rally ahead of Fed statement

The dollar snapped three days of gains against a basket of currencies on Tuesday as investors await a Federal Reserve policy statement and debate whether strong U.S. data will support the currency going forward.
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SEC investigating Huron for accounting errors

Huron Consulting Group Inc , whose shares plunged in the wake of an accounting scandal, said it is being investigated by the U.S. Securities and Exchange Commission for acquisition-related payments and will delay filing its latest quarterly report.
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Non-farm productivity jumps 6.4 percent

U.S. non-farm productivity in the second quarter rose at its fastest pace in six years as companies slashed costs to protect profits, government data showed on Tuesday.
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U.S. non-farm productivity jumps 6.4 percent

U.S. non-farm productivity in the second quarter rose at its fastest pace in six years as hours worked fell much steeper than output, while the cost of labor fell at the quickest rate in nine years, data showed on Tuesday.
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Oil rises above $71, Chinese imports hit high

Oil prices pushed above $71 a barrel on Tuesday, spurred by record fuel imports to the world's second biggest energy user China, but the market was cautious ahead of the next set of supply and demand data.
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Toxic assets may need more Treasury support

The Treasury Department should consider expanding programs to cleanse troubled assets from bank balance sheets if current efforts fail to restart markets or if economic conditions worsen, a U.S. bailout watchdog panel said on Tuesday.
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CIT delays report, could have to file for bankruptcy

Troubled lender CIT Group Inc said on Tuesday it has delayed filing its second-quarter report with regulators and said if it could not complete its debt tender or arrange other financing, it would file for bankruptcy.
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CIT delays report, could have to file bankruptcy

Troubled lender CIT Group Inc said on Tuesday it has delayed filing its second-quarter report with regulators and said if it could not complete its debt tender or arrange other financing, it would file for bankruptcy.
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Oil rises towards $71, Chinese imports hit high

Oil prices crept up toward $71 a barrel on Tuesday, spurred by record fuel imports to the world's second biggest energy user China, but the market was cautious ahead of the next sets of supply and demand data.
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U.S. home prices fall, but rate slows: report

The value of U.S. homes fell by 12.1 percent in the second quarter from a year earlier, but the rate of decline shrank for the first time since prices began to fall in 2007, real estate website Zillow.com said on Tuesday.
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Distressed-debt deals in 2009 reach $84.4 billion: report

The total value of distressed-debt deals, where creditors use their debt positions to take ownership of troubled companies, has touched $84.4 billion this year, the Wall Street Journal said, at a pace close to double that of 2008.
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Oil rises above $71 after record Chinese oil data

Oil rose above $71 on Tuesday, ending a three-day losing streak as record Chinese oil imports and refinery production helped offset mixed economic data, while traders anticipated key reports on the state of global demand.
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U.S. bailout panel: toxic assets may need more support

The Treasury Department should consider expanding programs to cleanse troubled assets from bank balance sheets if current efforts fail to restart markets or if economic conditions worsen, a U.S. bailout watchdog panel said on Tuesday.
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Oil steady ahead of U.S. stocks data

Oil was steady below $71 a barrel on Tuesday ahead of U.S. data expected to show a fall in gasoline stocks, with weaker-than-expected Chinese economic data acting as a drag.
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U.S. Q2 home prices fall, but rate slows: report

The value of U.S. homes fell by 12.1 percent in the second quarter from a year earlier, but the rate of decline shrank for the first time since prices began to fall in 2007, real estate website Zillow.com said on Tuesday.

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