In other news, new home sales leapt 11 percent in June, the largest monthly gain in nearly nine years, and the U.S. warned Iran it could face tough sanctions if it rejects talks on its nuclear program.

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The Federal Reserve said Wednesday that the recession is easing, but that the U.S. economy likely will remain fragile and limit the threat of inflation.

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Retail sales dropped more than expected in December -- a sixth straight monthly slide -- as consumers took heed of an economy pummeled by a recession, credit squeeze and continuing job losses.

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