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Consumer worries rise

There are fresh signs the U.S. consumer is retrenching and putting downward pressure on corporate profits. American Express said even its best customers are starting to feel the weight from tighter credit standards, higher food and energy costs, and general economic angst. The credit card company saw its profits drop a bigger-than-expected 38 percent.

Apple added to consumer worries. Although the iPhone maker topped forecasts for the previous quarter, it warned results for this quarter would be far below analysts targets.

Turmoil in the mortgage market pushed Wachovia Bank to an almost $8.9 billion second-quarter loss. In order to save cash, the nation's fourth-largest bank is cutting its dividend and slashing more than 10,700 jobs.

Tropical Storm Dolly is gaining strength in the Gulf of Mexico, but with fears of her hitting oil and gas facilities in the region dissipating - oil prices are tumbling.

Conway Gittens, Reuters