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| Friday, Feb 21, 2014 07:53 PM PST | |
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| Drought: California Needs 'March Miracle' of 10 Inches of Rain Friday, Feb 21, 2014 07:53 PM PST  To break California's drought, the state would need a "March miracle" of at least 10 inches of rain, a National Weather Service official said today. "We're at a point where Full Story | Top |
| S&P 500 may stall near high; Yellen in focus Friday, Feb 21, 2014 04:51 PM PST  By Chuck Mikolajczak NEW YORK (Reuters) - After the S&P 500 slipped on Friday and broke a two-week rally, stocks may find tougher sledding in the coming week as investors may be unwilling to push the benchmark index to a record high. The Standard & Poor's 500 has risen 3 percent over the past three weeks, as investors have largely been willing to forgive a flurry of soft economic data due to harsh winter weather. The main focus will be Part Two of Federal Reserve Chair Janet Yellen's semi-annual monetary policy testimony before the Senate Banking Committee on Thursday. Ironically, Yellen's congressional testimony before U.S. lawmakers was rescheduled after a Senate panel previously canceled the original hearing date due to a recent snowstorm in Washington, D.C. Yelena Shulyatyeva, an economist at BNP Paribas in New York, said investors and economists will pay attention to Yellen's answers on "questions about the weather, how much does she think the weather is impacting economic activity and how much will (the Fed) pay attention to that." Market participants will also monitor Yellen's statements for any signs regarding the central bank's plans as it tapers its stimulus measures. Full Story | Top |
| Harsh weather, tight supply sink U.S. home sales Friday, Feb 21, 2014 03:40 PM PST  By Lucia Mutikani WASHINGTON (Reuters) - Severe cold weather and a shortage of houses on the market pushed U.S. home resales to an 18-month low in January, the latest indication economic activity has hit a soft patch. The National Association of Realtors said on Friday that home sales dropped 5.1 percent last month to an annual rate of 4.62 million units, the lowest level since July 2012. The Realtors group said unseasonably cold weather was partly to blame, but it also acknowledged some fundamental weakness, with fewer homes on the market to choose from and higher mortgage rates and prices reducing affordability. "Some housing activity will be delayed until spring," said Lawrence Yun, NAR chief economist. Full Story | Top |
| Widespread weather delays cap lousy travel week Friday, Feb 21, 2014 03:30 PM PST In a fitting end to a miserable week for travelers, U.S. airlines canceled more than 1,350 flights and another 7,300 were running late on Friday. Full Story | Top |
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