The Commerce Department reported a 22 percent decline in the United States trade deficit, which could lead to a significant revision in the quarterly economic growth estimate. U.S. stocks are closing... more 
The Commerce Department reported a 22 percent decline in the United States trade deficit, which could lead to a significant revision in the quarterly economic growth estimate. U.S. stocks are closing lower after retailers disappointed the market with weaker profit forecasts. Rising tax receipts are shrinking the federal deficit, and that will shape the budget debate when Congress returns from vacation next month. The big question for lawmakers: Should they renew, end or modify the tens of billions of dollars in "sequester" cuts in government spending that took effect earlier this year? The U.S. Justice Department said it had filed a civil lawsuit in U.S. District Court in Charlotte, North Carolina, against Bank of America for what government lawyers said was a fraud on investors involving $850 million of residential mortgage-backed securities. less 
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Wochit
Wed, Aug 7, 2013 3:04 AM EDT