Market ends with four year low as rally fails
New York stocks drifted lower for the sixth straight session. The Dow fell 2.66 to 737.88 as 1,728 issues traded on the NYSE with volume at 11.13 million shares. International Telephone and Telegraph posted gains after better than expected quarterly earnings, while Florida Power dropped 24 to 15 percent amid dividend concerns.
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Realty industry gair in closing costs fight
Washington AP reports the real estate industry wins the first round in its effort to remove government regulations governing closing costs. The piece notes industry pushback against federal rules, with lawmakers and associations weighing next steps and potential impacts on buyers and lenders.
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Seven Die in Illinois Home Fire Prompt Policy Debate
A Chicago area home fire left seven dead as lawmakers weigh federal housing rules. Industry groups press for repeal of HUD regulations tied to a 1970 law, while supporters argue the safeguards remain necessary despite limited agency usage.
Federal power regulation faced narrow House vote
The House voted 202 to scrap the federal power regulation, leaving uncertainty whether it will be killed. The Senate previously backed the power by a 3 to 1 margin, maintaining authority with the Department of Housing and Urban Development.
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