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Financial Economics Latest News: With Little Reason to Extend Rally, Wall Street Dips

Wochit 1:05 mins

Trading volume has been muted, marking the lightest full-day action of the year, a sign that market participants are largely holding pat near historic levels. Investor focus on Federal Reserve has receded after last week's bearish payroll report suggested the Fed would not ease its monetary stimulus soon, while most of the bellwether companies have already reported. In a high-stakes hearing in Detroit's bankruptcy filing, a judge approved a city plan to form a creditors' committee of retired workers, but gave unions and pension funds that opposed the plan a measure of satisfaction by declaring an independent trustee - and not the city - will select committee members. HSBC, Britain's largest bank, said earnings rose 10 percent in the first half of the year, to $14.07 billion, thanks in part to lower charges for bad loans, especially in the United States.

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