Business Update: Retail chill
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U.S. total December retail sales were in a deep freeze, according to government statistics, which showed the economy is digging deeper into recession. Holiday sales fell for the first time since an industry trade group started keeping records. Citigroup shares were whacked as the Smith Barney stake sale to Morgan Stanley failed to reassure investors. Stocks slumped as worries about consumers and banks fueled recession fears. Nortel Networks filed for bankruptcy protection. Conway Gittens reports from New York.

Tags: retail sales, economy, recession
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