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This is very high -- morning.
I'm on the phone -- Good morning everyone Home Depot is -- is better than expected fourth quarter results thanks to an improving housing market.
And sales following super storms -- the world's largest home improvement retailer says it earned an adjusted profit of 67 cents a share three cents above the estimate.
While revenue climbed 14% from year ago to eighteen point two billion dollars also topping expectations.
The companies also hiking its quarterly dividend by 34%.
To 39 cents a share and authorizing a seventeen billion dollar share buy back.
Federal Reserve Chairman Ben Bernanke set to go before lawmakers this morning to -- his semi annual report on the state of the economy.
Fox business's Peter Barnes has our preview from Washington.
Fed Chairman is expected to be -- by the senate banking committee on the Fed's latest economic stimulus moves in particular the extra quantitative easing it began last month.
Billions more in bond purchases designed to help push interest rates down.
And keep them down.
The bond buying has sent the Fed's balance sheet north at three trillion dollars our records -- my critics worry interest rates will soar when the Fed eventually started to unwind -- -- sell off the bonds.
But supporters think the Fed will be able to manage the process.
If they saw our rates back up too fast if they if they thought they were getting to a point that was on helpful for the economy they have schools.
To stop that they can come back in and do more QE if they want so the exit from QE.
I think it's going to be a long and slow one.
-- the market if the market gets ahead of them they're gonna have to stop and pull -- back and so.
I think they can they can keep interest rates under control as the exit.
The Fed Chairman is also expected to weigh in on the possible economic impact of the automatic government spending cuts that start Friday.
The so called sequester cuts of 85 billion dollars back to you in New York.
Alright Peter -- live from DC thanks Peter -- earnings -- now from autos on the auto parts retailer morning.
-- 78 cents a share topping the estimate by two cents revenue came in at one point nine billion dollars -- I'll stop the estimate for one point 88 billion.
Cracker Barrel is also reporting earnings this morning the country's -- restaurant and retail chain.
Came in -- an adjusted profit of one dollar 43 cents a share topping the estimate for dollar 25.
Revenues also -- at 702 point seven million dollars analysts were expecting 694.
Point one million.
Checking the markets now after yesterday's big sell off we do you have green arrows across the board here in the US Dow futures are up 21.
-- -- -- to the nasdaq's up three and a half the same cannot be said though.
For Europe stocks there are down Italian banks -- Some as deep as 10% bond yields are also higher in this is all after elections in Italy.
Essentially left the country in political deadlock markets.
In London are down 87 Paris is down 87 as well Frankfurt's down almost 150 let's take a closer look though what's moving the markets with Josh Raymond.
Chief market strategist at city index in London -- Italy's elections are obviously the big topic this morning no party won control of the senate there but.
-- -- biggest shock of this whole -- -- the success of the five star movement this is the party led by a comedian.
And yet it managed to get more votes than any other what is tell you about the sentiment of the Italian people right now.
Well it's been -- to protest site and I mean if you look at the amount of price action when -- right to.
To identify saw we've been coming in absentia of fight against austerity vote against becoming -- gonna -- -- on the lot of -- that because if he's in a very.
-- SK economically in -- an issue that can from the consumer.
It's in my own sake.
That's what debate is all about and the problem is it's just gonna make the situation much much worse you've got a you say political deadlock.
You've now -- -- the center left and that on the -- right.
But he sky any you posting up yet and we keep -- trying to maybe come together to form a coalition.
And if you're looking at the rhetoric is seems about who -- unlikely -- there inevitable situation if we don't cap progressive tools will be.
Another election and maybe not months' time which we shall happened last time just create uncertainty in the markets and not in and in -- essentially.
And -- investors to put their money out of risky asset cost of such as stocks such as the year and that's what was seen today.
Aren't certain -- the last thing -- be there right that's Josh Raymond at city index just thanks so much appreciate it.
-- -- We have earnings announcement -- -- in the footwear companies reporting a profit of 74 cents a share topping the estimate by three cents.
Revenue 315 point five million dollars topped the estimate -- well for 313.
Point eight million.
Let's take a look at commodities now we see oil and gold actually mixed this morning oil.
Is down almost a dollar now trading at 92 dollars a barrel gold dollars in the green by about four bucks at 1590 announced.
Coming up this hour Imus is guest is radio talk show hallmark eleven and now here's the -- them live on Fox Business.
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