March 27 - Summary of business headlines: New euro zone worries weigh on worldwide stocks; supply squeeze hurts pending home sales; J.C. Penney back in the sale business; Twitter's latest milestone. Bobbi Rebell reports.
Wednesday was full of worries for investors. A debt auction in Italy was disappointing because Italy's borrowing costs are rising- and there are concerns about a possible run on the banks when Cypress reopens its banks on Thursday. In the U.S.- stocks fell back from record and near-record levels but in the end closed mixed. The picture looked very similar in Europe - though in that case the major country indexes closed out their sessions to the downside. There are home buyers ready to buy- but not enough houses to meet the demand. That supply squeeze pushed down contracts to buy previously owned homes in February. The National Association of Realtors said while its Pending Home Sales Index fell last month, contracts remains at the second highest level in nearly three years. J.C. Penney is trying to win back the bargain hunters and coupon cutters it alienated when it switched to what it calls everyday low pricing- meaning no discounts. The struggling retailer has returned to the strategy of raising prices and then discounting them on its own brands. Twitter will generate nearly a billion dollars in ad revenue this year. According to research firm eMarketer mobile ads will make up about half of Twitter's ad revenue this year- and more than 60 percent by 2015.