Home prices in April were 3.5% higher than a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.Real Estateread more
Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each share held, for a total value of $188.24 per Allergan share.Biotech and Pharmaceuticalsread more
Investors are piling into gold, sending the precious metal to a six-year high on Monday, and analysts think the commodity has established a base to go even higher.Marketsread more
The Conference Board, a business research group, on Tuesday released the June update for its consumer confidence index.Economyread more
The Congressional Budget Office estimated Tuesday that the national debt will rise to 141% of the economy over the next 30 years — 11 percentage points lower than the agency...Economyread more
Amazon announces that Amazon Prime Day will last for two days, starting July 15.Technologyread more
Joe Biden could face some uncomfortable questions about his record on women this week at the first Democratic presidential debates in Miami.2020 Electionsread more
Investors plow into the precious metal amid the prospects for lower interest rates, a softer global economy and increased geopolitical tensions.Marketsread more
FedEx sued the U.S. to block it from enforcing rules requiring it to police packages coming into the U.S. that may pose a threat to national security — placing the shipping...US Marketsread more
FedEx heads into Tuesday afternoon's earnings deep in a bear market. A failure to deliver could mark a massive buying opportunity.Trading Nationread more
"What else do you have to do that will actually have to affect the Iranians' calculus?" said Amos Hochstein, who served as U.S. special envoy for international energy affairs...World Politicsread more
Strong El Niño conditions will likely persist well into next year, but speculation that the event could shatter records may be premature.
There is an 80 percent chance the weather phenomenon—which causes unusually warm ocean temperatures in the Equatorial Pacific—will continue through the Northern Hemisphere's spring next year, according to an update Monday by the National Oceanic and Atmospheric Administration's Climate Prediction Center. While some recent models have suggested El Niño could become the strongest on record, those concerns may be overplayed, according to Mike Halpert, deputy director of the CPC.
"We're favoring a strong event, but we're certainly not favoring a record event," he said.
Read More What is El Niño, anyway?
Effects from the temperature rise vary, but El Niño can lead to increased rainfall and flooding in the southern U.S. and drought in the West Pacific, according to the NOAA. A strong event could have huge effects on California, which is mired in the fourth year of a drought.
Probabilities from forecast models released earlier this month suggest a 60 percent chance the current El Niño will be stronger than the record-setting event in the winter of 1997 and 1998, which caused severe weather systems in various corners of the U.S. But the forecasts from the North American Multi-Model Ensemble generally predict higher temperatures than come to pass, Halpert stressed.
"When you deal with El Niño, they bias very warm," he noted.
Halpert pointed to NMME forecast models for the Niño 3.4 region in the Pacific Ocean ahead of the 1997 event. Models in September predicted an average temperature departure of 3 degrees Celsius (5.8 Fahrenheit) from October to December of that year, but they ended up being 2.3 degrees Celsius above normal (4.14 Fahrenheit).
Halpert added that the biggest effects from El Niño should come in the winter, and climate variability makes it difficult to predict months ahead of time.
Update: This story has been updated to clarify the forecast models ahead of the 1997 El Niño.