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Stocks climb...Fed officials seek to reassure investors...Senate panel to tackle tax reform

Thursday - 6/27/2013, 3:50pm  ET

NEW YORK (AP) -- Stocks continue to climb back from last week's sell-off. The major indexes are headed for a third straight advance. Homebuilders are getting a lift from a report suggesting that the housing recovery remains intact. Bond yields are falling for a second day, easing worries that a sudden spike in interest rates could hurt the economy.

WASHINGTON (AP) -- Federal Reserve officials are assuring nervous investors that the central bank won't start trimming its bond purchases until the economy has strengthened. Fed officials said any pullback in the stimulus will hinge on the economy's performance, not a calendar date. Chairman Ben Bernanke jolted investors last week when he said the Fed will likely slow its bond buying this year if the economy continues to improve.

WASHINGTON (AP) -- The top Democrat and Republican on the Senate's tax-writing committee say they'll start with a "blank slate" as they tackle tax reform. Democrat Max Baucus and Republican Orrin Hatch propose to strip every single tax break from the law, then restore only the ones that "grow the economy, make the tax code fairer" or promote some other important policy objective. By reducing tax breaks, they hope to be able to lower taxes across the board for individuals and businesses.

WASHINGTON (AP) -- The Justice Department and Macy's have resolved allegations that the retailer imposed discriminatory document requirements on immigrant employees to verify that they were eligible to work. Macy's agrees to revise its procedures, provide training to its human resources personnel, pay the government $175,000 in civil penalties and create a $100,000 back pay fund to compensate employees. The Justice Department will monitor Macy's practices for two years.

NEW YORK (AP) -- More companies are distancing themselves from Paula Deen following her admission that she has used racial slurs in the past. Target, Home Depot and drug maker Novo Nordisk are the latest to sever or suspend their ties with the Southern celebrity chef. But her books are selling well. As of this morning, "Paula Deen's New Testament: 250 Recipes, All Lightened Up" was No. 1 on It's due out in October.

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