Sept. 19 - Summary of business headlines: Wall Street is lower on renewed Greek default fears; Homebuilder sentiment sinks further; President Barack Obama defends attack against tax hike plan. Conway G. Gittens reports.
Wall Street is down sharply after falling two percent at the open and it hasn't gotten that much better as the day has worn on. Once again, investors are nervous about the depths of the European debt crisis, fearing Greece may default on its loans. The pullback comes after U.S. stocks had their best week since early July. Homebuilder sentiment remains in the dumps. The National Association of Homebuilders says its monthly index slipped further in September with attitudes dampened by tight credit conditions and competition from foreclosures. President Obama is responding to critics who say his proposal to raise taxes on the wealthy is "class warfare." Obama's deficit cutting proposals are being turned over to the "Super Committee" charged with finding almost $2 trillion in deficit reduction. Conway Gittens, Reuters