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Nightly Business Report - Friday March 22 2013

Nightly Business Report - Friday March 22 2013

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Published by: Nightly Business Report by CNBC on Mar 26, 2013
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<Show: NIGHTLY BUSINESS REPORT><Date: March 22, 2013><Time: 18:30:00><Tran: 032201cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for March 22, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Sharon Epperson, Bertha Coombs, Hampton Pearson,Phil LeBeau><Guest: Stephen Wood, Phil Orlando><Spec: Business; Economy; Stock Markets; Agriculture; Utilities; Texas; Housing; FinancialServices><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib.TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Moving higher.Stocks finish on an up note, still on track for the best quarter in 15years despite small losses for the week.SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Water, water not
 
everywhere. How the ongoing drought is hitting Texas especially hard andhow it may get worse.MATHISEN: And too late or not? Why there is still time to refinanceyour mortgage but you may not want to wait much longer.All that and more coming up right now.Good evening, everyone. And welcome to our public television viewers.Susie, you know, stocks put their worries back on the shelf at leastfor today.GHARIB: Yes, that`s the way it looked.Investors were back in the buying mood as stocks bounced back today,but still closed lower for the week. The Dow snapped its streak of fourstraight winning weeks and the S&P 500 logging just its second losing week in 2013.Now, the markets got a lift on optimism out of Cyprus, combined with abatch of stronger than expected earnings report. Here are the closingnumbers. The Dow shot up 90 points, gaining back all of yesterday`slosses. The NASDAQ roses 22, and the S&P added 11 points. Nevertheless,the S&P ended the week with a small loss.
 
 MATHISEN: And that good news coming out of Cyprus is that the nationmay be edging towards a deal to avoid its banks from going bankrupt. Thepresident of Cyprus will meet tomorrow with European Union officials inBrussels tomorrow in order to beat a Monday deadline, which cuts off cashto the banks unless a bailout deal is reached.Well, stocks have had a great quarter so far. The Dow is up nearly 11percent. In any year, that would be a good return.But our market guest says there may not be upside from here. He isStephen Wood, chief investments strategist, Russell Investments.Mr. Wood, welcome. Good to have you with us.STEPHEN WOOD, RUSSELL INVESTMENTS CHIEF MARKET STRATEGIST:Good tosee you again. How are you?MATHISEN: You have -- I`m great. Thank you.You have a year end target on the S&P 500 of 1,550. That`s actuallyfive points or so lower than it is today.WOOD: Yes.

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