NPR 2012-06-22

 US stocks spiraling down on a wave of more disappointing economic reports out today. At last glance, the Dow was off 207 points at 12,617, down more than 1.5%, NASDAQ off now nearly 2% at 2,872, and the S&P 500 down 1.8%; it is at 1,331. Manufacturing, it’s growing, but at a slower pace in any other time in the last 11 months. This a day after the Fed scaled back its optimistic outlook for the economy this year. And fueling concern on Wall Street today, the latest weekly unemployment numbers. NPR’s Dave Mattingly says the four-week average of new claims has risen again.

 
The latest number suggests more of the same employers hesitant to hire more workers. Weekly jobless claims declined to a seasonally 1 adjusted 387,000. But that’s a level considered too high to signal employers are hiring at a pace that would lower the nation’s jobless rate. It rose last month to 8.2%. In addition, the Labor 2 Department says the four-week average of jobless claims is up again to its highest level since last December. Dave Mattingly, NPR News, Washington.
 
The jury in the Jerry Sandusky child sexual abuse case has begun deliberations in Bellefonte, Pennsylvania. NPR’s Jeff Brady reports the former Penn State assistant coach faces 48 counts of sexually abusing children.
 
In closing argument, Sandusky’s defense 3 attorney Joseph Amendola said repeatedly that the case laid out by prosecutors 5 doesn’t make sense. He suggested there was a conspiracy 6 to take down a man who was important in this community. Prosecutor 4 Joe McGettigan countered that the conspiracy explanation falls under its own weight because there were just too many people involved in incidents dating back to the 1990s. As he wrapped up his argument, McGettigan approached Sandusky, looked at the jury and asked members to give the alleged 7 victims and Jerry Sandusky justice. Jeff Brady, NPR News, Bellefonte, Pennsylvania.
 
Attorney General Eric Holder 8 is signaling a willingness to negotiate through a dispute that led a House panel yesterday to hold him in contempt of Congress. On the sidelines of meetings in Denmark today, Holder told reporters that the possibility still exists, but the standoff with Congress can be resolved. Holder is being punished for failing to turn over additional materials about a botched probe into a Mexican gun-running operation.
 
President Obama has accepted Commerce Secretary John Bryson's resignation. Bryson is stepping down this week after suffering a seizure 9 and getting involved in two traffic accidents in the Los Angeles area.
 
Here is what’s happening on Wall Street: The Dow is off 204 points, more than 1.5%; it’s at 12,619. NASDAQ off nearly 2%.
 
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Aung San Suu Kyi, the pro-democracy leader from Myanmar who spent years under house arrest, is now the first foreign woman and first Asian national to address both houses of British parliament in 900 years. NPR’s Anthony Kuhn recaps the historic moment. 
 
In her half-hour speech, Suu Kyi hailed Westminster democracy as a model for her country to emulate 10. She also praised Burmese President Thein Sein for his reforms and said the current moment was critical for her country.
 
“This is the moment of our greatest need, and so I would ask that our friends, both here in Britain and beyond, participate in and support Burma’s efforts towards the establishment of a truly democratic and just society.”
 
Suu Kyi also met with Prime Minister David Cameron and Prince Charles. She heads to France next week before returning ahead of a new session of Burma’s parliament next month. Anthony Kuhn, NPR News, London.
 
London police are still waiting outside the Ecuadorian embassy to arrest Julian Assange, who has been holed up there for days to avoid extradition 11. The Wikileaks founder's wanted for questioning in a sex assault investigation 12 in Sweden.
 
Price of oil has fallen nearly three dollars today to dip below 80 dollars for the first time since October. Benchmark US crude fell to 95 or 3.6% to 78.50 per barrel in afternoon trading, [the] lowest level since October 6th. And the price has fallen as the world economy is slowing down.
 
Here's the latest from Wall Street, Dow is now down 211 points, 1.6% at 12,614, NASDAQ off now more than 2%.
 
I’m Lakshmi Singh, NPR News in Washington.