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Tuesday Morning Business Brief

February 21, 2012, 5:42 AM

Tuesday Morning Business Brief
Back to work for Wall Street after a three-day holiday weekend, with investors to test whether the Dow can approach the 13,000 level. It has not been above that benchmark since mid-2008. The key averages posted gains last week of 1.2 to 1.7 percent.
  • Economic reports are few this week, but the focus will be on the housing market. Tomorrow, the National Association of Realtors releases sales of previously-owned homes. On Friday, the Commerce Department reports on new home sales.
  • World stock markets are mostly lower even as European leaders finally reached a deal for a rescue package to prevent Greece from going belly up. Benchmark oil is hovering near $105 per barrel while the dollar is down against the euro but up against the yen.
  • After 12 hours of negotiations, countries in the eurozone agreed to give Greece $170 billion in bailout funds, but first, Greece will have to make cuts and reforms it promised. And, within a couple of months, Greece will have to pass a new law that gives paying off the country's debts legal priority over funding government services.
  • The lawyer for a company suing Apple in China over its use of the iPad trademark has indicated his client would be willing to discuss a settlement. A hearing is set for tomorrow in Shanghai over Shenzhen Proview Technology's claim that it owns the iPad name. Apple says it brought the rights to the name.

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