After the Christmas shopping season, the most important retail time for stores is the back-to-school shopping season. TheNational Retail Federation is predicting that parents will spend $20billion in clothes, shoes, and supplies for their school-age children.

Sallie Mae says its second-quarter profit fell 72 percent as fundingcosts remained high amid further weakening in the credit markets.

Rescue legislation sailed through the House Wednesday aimed at helping400,000 strapped homeowners avoid foreclosure and to prevent troubledmortgage giants Fannie Mae and Freddie Mac from collapsing.