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Nightly Business Report - Monday July 22 2013

Nightly Business Report - Monday July 22 2013

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Tonight on Nightly Business Report: A recap of today’s top business stories, plus what could be in store for tomorrow’s markets.
Tonight on Nightly Business Report: A recap of today’s top business stories, plus what could be in store for tomorrow’s markets.

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Published by: Nightly Business Report by CNBC on Jul 23, 2013
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<Show: NIGHTLY BUSINESS REPORT><Date: July 22, 2013><Time: 18:30:00><Tran: 072201cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for July 22, 2013, PBS><Sect: News; Domestic><Byline: Susie Gharib, Tyler Mathisen, Diana Olick, Mary Thompson, Scott Cohn, JackieDeAngelis, Sharon Epperson><Guest: Karen Friedman, Cary Carbonaro><Spec: Banking; Business; Policies; Economy; Labor; Insurance; Lifestyle><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Banks under fire, again.Why some are questioning whether the world`s largest financial institutions are artificiallyinflating the price of everything -- from beer cans, to cars, to airplanes.
 
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: How safe is your  pension? Detroit isn`t the only employer that made big promises to current and retired workers.Across the country, many are now looking very closely at their own financial futures.GHARIB: And how to not outlive your money. How much cash can retirees safely pullfrom their savings each year? And does that 4 percent rule still work? Our special series startstonight.We have all that and more on NIGHTLY BUSINESS REPORT for Monday, July 22nd.MATHISEN: Good evening, everyone, and welcome.It is the heart of earnings season -- nearly 1/3 of all the S&P 500 companies report their quarterly profits and losses this week, including eight members of the Dow.And today, the first of those eight blue chips reported, and shareholders are forgiven if they feel like they`ve eaten a soggy French fry. McDonald`s (NYSE:MCD), the world`s biggest burger chain, saw profits rise 4 percent over the past three months. That was well short of analyst`s expectations and the company warned of a tough year ahead due to shaky economicconditions all over the globe.McDonald`s (NYSE:MCD) shares, the biggest decliners in the Dow today, falling 2 1/2 percent and that took some steam out of the major averages.GHARIB: Well, that led to a cautious day on Wall Street, with investors waiting to seemore results from this week`s batch of earnings.The major stock averages posted modest gains, but still enough as S&P 500 index closed at afresh all time high.The Dow rose almost 2 points, the NASDAQ up more than 12 1/2 and the S&P 500 up to3 1/2 points, and as we said, its new record, 1,695.
 
 In the commodity markets, gold was glittering. The precious metal chalked up its biggestone day gain in more than a year as the weaker U.S.dollar lifted the price to the highest close (AUDIO BREAK), jumping more than $43 an ounce to1,336.MATHISEN: Also increasing today, gasoline prices. AAA says average prices at the pump up 12 cents a gallon nationwide over the past week.Increased summer demand, unrest in the Middle East and production disruptions at refinerieshere in the U.S. all combine for that sudden spike. And AAA says higher prices will be here inthe coming weeks.GHARIB: Existing home sales fell more than 1 percent in the month of June. But themedian home price rose to $214,000. That`s up 13 percent year over year. And while the sector has been on fire on Wall Street, it hasn`t been everywhere on Main Street.Diana Olick looks at what some see as a great divide in housing.(BEGIN VIDEOTAPE)DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):David and Heather Littlejohn built their Oregon home in 2005, at the height of the housing boom.DAVID LITTLEJOHN, UNDERWATER HOMEOWNER: We`re under water becauseour timing is outstanding.OLICK: The value of their home was cut in half by the housing crisis.As their family grows, so too does their need for more space. So, they`re now adding extra principal to their monthly mortgage payment.

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