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Updates: WALL STREET; EARNS-NORDSTROM; GOOGLE-GOVERNMENT REQUESTS; OIL PRICES; GAMES-NEW CONSOLES; OBAMA
WASHINGTON a¿¿ Janet Yellen made it clear that she's prepared to stand by the Federal Reserve's extraordinary efforts to pump up the economy when she's chairman, if that's what it needs. During a two-hour confirmation hearing, Yellen embraced her so-called "dovish" reputation and expressed strong support for the Fed's low interest-rate policies. Yellen drew praise from senators in both parties during the hearing and is expected to be confirmed by the full Senate, becoming the first woman to lead the powerful central bank. By Martin Crutsinger. SENT: 960 words, photos.
NEW YORK a¿¿ Wal-Mart shoppers a¿¿ like many Americans a¿¿ are still struggling. Their bills are going up, but their wages are not a¿¿ and some are concerned about losing food stamps. Rather than stock up on everything at Wal-Mart like they used to, they're scouring websites, dollar stores and wherever else they can to find the lowest prices possible for food and household goods. These are the reasons the world's largest retailer cut its annual outlook for the second time in three months. By Anne D'Innocenzio. SENT: 730 words, photo.
LONDON a¿¿ The 17-country eurozone has just emerged from recession. Yet already, its recovery is faltering. Figures show that the currency union's economy barely grew last quarter. Record-high unemployment is keeping consumer spending weak, a stronger euro is slowing exports, heavily indebted governments need more support and low inflation is causing concern. At the same time, sharp disparities divide the eurozone's major nations: Germany, for example, is thriving, in part at the expense of Italy and others. By Pan Pylas. SENT: 1,140 words, photos.