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News Wrap: 10 NATO Troops Killed; Summers to Step Down

In other news Tuesday, another 10 NATO troops were killed in Afghanistan. Also, Larry Summers announced plans to step down as chair of the National Economic Council.

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    Ten more NATO troops were killed today in Afghanistan. Nine of them died when their Black Hawk helicopter went down, and reports said all were Americans. The Taliban claimed it shot down the helicopter in Zabul Province, but NATO said there were no reports of enemy fire.

    The Federal Reserve will leave short-term interest rates at record lows again. But the Central Bank's leaders said today they are prepared to take additional steps to boost the economy. In a statement, they warned again that growth is likely to be modest for the near future. It was their last meeting before the November elections.

    Another of the president's top economic advisers is on his way out. Lawrence Summers will step down as chair of the National Economic Council after the November election. In a statement today, President Obama said Summers helped guide the nation from the depths of recession to renewed growth. He said, "We are on a better path, thanks in no small measure to Larry's wise counsel."

    Earlier, White House spokesman Robert Gibbs dismissed talk that the president was dissatisfied with Summers and Treasury Secretary Timothy Geithner.


    The president is enormously pleased with the efforts of each of them in what has been — in what have been very trying times. The last two years have — have — have been at a remarkable pace, far more hectic than a campaign in which I think many of us thought, boy, is it going to get — could it get any crazier than this? And, you know, many days around here, the answer is — is, absolutely.


    Earlier this month, Christina Romer stepped down as head of the president's Council of Economic Advisers.

    On Wall Street today, the Dow Jones industrial average gained more than seven points to close at 10761. The Nasdaq fell six points to close above 2349.