Hijjah 18, 1431, Nov 24, 2010, SPA -- U.S. stocks plunged Tuesday, as violence erupted on the Korean peninsula, worries about Europe's debt crisis expanded, and the Federal Reserve (Fed) lowered its outlook for economic growth and projected that unemployment would remain elevated into next year. In U.S. economic news, the Fed expects 2010 gross domestic product (GDP) to increase between 2.4 percent and 2.5 percent this year, compared with an earlier projection of growth between 3 percent and 3.5 percent. The Fed also said the unemployment rate will be between 9.5 percent and 9.7 percent for all of 2010. Next year, bankers predict joblessness could reach as high as 9.1 percent. Monthly data by the Commerce Department showed that the U.S. economy grew at a better than expected 2.5 percent annual rate during the third quarter, faster than the 2 percent rate previously reported. Meanwhile, existing home sales declined 2.2 percent to a an annual rate of 4.43 million in October from 4.53 million in September, according to National Associates of Realtors (NAR). Economists expected a sales rate of 4.42 million for October. --MORE
