Stocks fall sharply...Retail retrenchment...Mayors ask for bailout

NEW YORK (AP) Stock prices have edged sharply lower, erasing a large portion of yesterday's gains. The Dow has been down as many as 300 points at midday.

Washington (AP) The government says U.S. retail sales slumped by the biggest amount on record last month. The 2.8 percent decline was led by weakness in auto sales, but the retrenchment was widespread.

WASHINGTON (AP) Making a public break with the Bush administration, the FDIC proposes use of $24 billion in government funding to help 1.5 million American households avoid foreclosure.

The plan would guarantee 2.2 million modified loans mainly risky loans made to borrowers with weak credit or small down payments through the end of next year.

WASHINGTON (AP) Three big city mayors are asking for a piece of the $700 billion financial bailout. The mayors of Philadelphia, Atlanta and Phoenix made their request in a letter to Treasury Secretary Henry Paulson.

WASHINGTON (AP) A weekend financial summit drawing together world leaders in Washington begins with a dinner tonight hosted by President George W. Bush. Along with the U.S., France, Britain and other big industrial powers, the summit includes leaders from developing economic powers such as Russia, China, Brazil and India.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 11-14-08 1257CST | save this article / add to your favorites list