COPY-Business Minute: Stocks backtrack...New home sales slide...Volker to head panel

Associated Press - November 26, 2008 10:23 AM ET

NEW YORK (AP) - After three days of gains for the blue chips, the market is seeing some early weakness. Wall Street will be closed for Thanksgiving and abbreviated equity trading is on tap on Friday.

WASHINGTON (AP) - New home sales weakened in October. The Commerce Department says sales were down 5.3% in October to the lowest point in nearly 18 years.

CHICAGO (AP) - Paul Volcker will head a new panel to help President-elect Barack Obama create jobs and bring stability to the ailing financial system. The former Federal Reserve chief will lead Obama's Economic Recovery Advisory Board.

WASHINGTON (AP) - The government says new claims for unemployment benefits fell more than expected last week from a 16-year high. The total stood at a seasonally adjusted 529,000, down 14,000 from the previous week.

WASHINGTON (AP) - Consumer spending dropped 1% in October, the worst decline since the 2001 terrorist attacks. Personal incomes rose 0.3% last month.

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