1/22/10 - theGrio & CNBC Market Wrap Up

TheGrio and CNBC team up to deliver a weekly wrap up of money matters and market updates for our community.

CNBC's Shartia Brantley reports:

Technical and financial companies reported quarterly earnings this week. IBM posted a one percent increase in revenue during the fourth quarter and raised its 2010 revenue forecast. Bank of America posted a higher-than-expected fourth quarter net loss of $5.2 billion, due to TARP loan repayment and problems with its credit card business.

Amid discussions of bank performance and employee bonuses, President Obama announced new regulations to limit the size and scope of the nation's biggest banks in an attempt to reduce risk in the financial system.

The US Census Economic Indicators report on housing construction activity offered mixed results. New home construction dipped 4 percent in December due in part to unusually cold weather. But new building permits, a gauge of future building activity, rose by nearly 11 percent, the largest monthly improvement since October 2008.

Concerns about the job market and home foreclosures continue to impact market outlook. The Housing Market Index (HMI) report from the National Association of Home Builders and Wells Fargo reported an additional decline in builder confidence to an Index of 15. More broadly, The Conference Board's Leading Economic Index, a composite of published economic indicators covering the next three to six months, increased 1.1 percent in December, suggesting that the economy may pick up.

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