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Chinese Government Lowers Interest Rates to Prop Up Stock Market

Stocks may go on another wild ride today.
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Stocks may go on another wild ride today. Chinese stocks slid again, down another 8%. After the Chinese close, the government said it would cut its benchmark interest rates and lowered its bank reserve requirements in an effort to prop up the economy and stock market. U.S. stocks, unlike the previous two sessions, are not following China's markets lower. Crude oil is also rebounding. Toll Brothers (TOLL) posted a decline in earnings but orders for new homes rose. The average price of homes delivered dropped to $724,000 in the third quarter from $732,000 a year earlier, according to executives. U.S. demand for new homes has been growing, fueled by rising employment and low mortgage rates. Acura Pharmaceuticals (ACUR) Board of Directors approved a 1 for 5 reverse stock split as the small cap company works to maintain its listing on the NASDAQ. The S&P Case Shiller Price Index is expected to show that home prices in 20 cities increased in June.

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