Manufactured goods production picks up

WASHINGTON -- Factory orders for costly manufactured goods in July recorded the biggest gain in four months. New-homes sales, meanwhile, slid, according to a pair of reports that offered a mixed view of economic activity. The Commerce Department reported Wednesday that orders for durables goods -- big-ticket items expected to last at least three years -- rose 1.7 percent in July from June..

Oil prices continue keep dropping on U.S. markets

WASHINGTON -- Oil prices plummeted below $44 a barrel Wednesday, sinking for the fourth consecutive day, as supply fears receded. When adjusted for inflation, oil is more than $13 cheaper than it was leading up to the first Gulf War. An analyst at Energy Merchant in New York said the sell-off in crude involved a rise in Iraqi oil exports and a government report showing U.S. gasoline supplies higher than 2003.

Shoulder-fired rockets prompt defense contract

WASHINGTON -- Teams led by BAE Systems and Northrup Grumman were chosen Wednesday to build and test prototypes for anti-missile systems to defend U.S. commercial planes against shoulder-fired rockets. The Homeland Security Department said the companies will each get $45 million over the next 18 months.

-- From wire reports