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WASHINGTON — U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy and weigh on the broader economy in 2012.
NEW YORK — After a disastrous holiday shopping season, the parent company of Sears and Kmart will close at least 100 stores to raise cash — a move that sparked speculation about whether the 125-year-old retailer can avoid a death spiral fed by declining sales and deteriorating stores.
Consumers nationwide are expected to return about $46 billion worth of merchandise purchased before Christmas, according to the National Retail Federation. That’s 4 percent more than post-Christmas 2010 and 10 percent higher than in 2009.
BEIJING — China announced a cut Tuesday in its rare earths export quota as it tries to shore up sagging prices for the exotic metals used in mobile phones and other high-tech goods.