WASHINGTON (MarketWatch) — The accused shooter of nine people at an African-American church in Charleston, S.C., should not have been allowed to buy the gun used in the attack, the director of the Federal Bureau of Investigation said Friday. FBI Director James Comey said failures in the gun-purchase screening system enabled Dylann Roof to purchase the weapon used, according to reports. Authorities have said the shootings were motivated by Roof’s racist views.

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From:: Stock Market News

The total number of active U.S. rigs drilling for oil climbed as of July 10, according to data from Baker Hughes released Friday. That marked the second weekly increase in a row. The number of active oil drilling rigs saw a weekly climb of 5 to 645. The total active rig count was at 863, up 1 from last week. Compared to last year, the total rig count has fallen by 1,012, with the oil rig count down 918. August crude was down 11 cents, or 0.2%, at $52.67 a barrel on the New York Mercantile Exchange. That’s about where it was trading before the data.

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From:: Stock Market News

Analysts at Stifel Nicolaus on Friday said that Netflix Inc. could become a $100 billion company by market cap by 2020. Analyst Scott Devitt wrote in a note that he expects Netflix’s operating income to reach $3.8 billion by the end of 2020, assuming paid subscriptions hit 150 million at an average $9 in revenue per customer and a 23% operating margin. For Devitt’s bullish case of reaching $100 billion in market cap, however, he expects the company would have to have a subscription price of $10 per user and 30% operating margins. This would generate roughly $5.4 billion in operating revenue, making Netflix a nearly $1,600 stock ($230 post-split), according to Devitt. Devitt said that if Netflix’s operating leverage continues to benefit from global licensing deals and the completion of its international expansion, that this scenario is achievable.

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From:: Stock Market News

U.S. stocks maintained sharp gains on Friday, taking Federal Reserve Chairwoman Janet Yellen’s comments on likely need for a rate hike this year in stride. In a speech to The City Club of Cleveland, Yellen said the economy is likely to improve further, driven by higher consumer spending and continued job gains. The S&P 500 was up 25 points, or 1.2%, at 2,076. The Dow Jones Industrial Average jumped 210 points, or 1.2%, to 17,759. The Nasdaq Composite rallied 69 points, or 1.4% to 4,992.

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From:: Stock Market News

The U.S. dollar edged higher against the euro and yen Friday after Federal Reserve Chairwoman Janet Yellen said she expects a rate hike is needed this year. The dollar added to its gains against the yen, rising to 122.80 yen, from 122.70 yen ahead of the speech. Meanwhile, the euro trimmed its gains against the dollar, falling to $1.1144, from $1.1165 ahead of the speech. Yellen made her comments in an address at The City Club of Cleveland.

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WASHINGTON (MarketWatch) – Under pressure from both Democrats and Republicans, the head of the U.S. Office of Personnel Management resigned on Friday after a series of breaches that exposed the Social Security numbers of millions of federal employees. OPM Director Katherine Archuleta reportedly stepped down amid rising criticism in Congress. More than 20 milllion Social Security numbers were compromised, possibly by Chinese hackers. Archuleta initially resisted calls to resign and the White House reiterated support for her as recently as Thursday.

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From:: Stock Market News

Federal Reserve Chairwoman Janet Yellen on Friday said she saw signs the economy was improving and expects a rate hike will be needed this year. “I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy,” she said. In a speech to The City Club of Cleveland, Yellen was upbeat about the outlook, laying out her view of a U.S. economy close to the point of achieving a virtuous circle, where job gains lead to stronger consumer spending which then sparks more employment and wage gains. Yellen said she saw “hints” of wage gains in the recent data and “encouraging” data that consumer spending is picking up. “My own outlook for the economy and inflation is broadly consistent with the central tendency of the projections submitted by FOMC participants at the time of our June meeting,” Yellen said. That forecast called for the economy to grow close to 2% this year, the unemployment rate near 5.2% and core inflation at 1.4%. Yellen said she thought the recent effects of low oil prices and the strong dollar on inflation would wane during this year and inflation would move up toward the Fed’s 2% annual rate target.

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By Farima Alavi

Last week, we asked if you prefer an inviting Craftsman-style home or a sleek midcentury modern one. Craftsman-style won with 66 percent of the votes.

HGTV fan DBCoop said it best: “A new-build Craftsman carefully thought out can bring on a serious case of the ‘Honey I’m Home to Stay’ [look].”

This home style is influenced by the early 19th-century English Arts and Crafts movement and originally promoted the work of craftsmen rather than machines. Today, many new construction homes copy the original style for a historic look with all the modern conveniences. Read below to see what makes this style home so inviting and popular, and follow our tips to get the look in your home.

Multiple Roof Lines

Multiple, low roof lines add architectural detail to Craftsman-style homes. Wide eaves and triangular brackets add ornate style.

Tip: To highlight a Craftsman homes’ architectural details, paint the eaves and brackets a contrasting color, or leave them unpainted with a dark wood stain.

Large, Inviting Porch

A large porch area with exposed wood posts and eaves is one of the many key elements that makes Craftsman style inviting.

Tip: To add Craftsman style to your porch, add stone accents to columns to add texture and visual interest. A paneled front door in dark wood tones completes the look.

Neutral Color Palette

Many Craftsman homes have a neutral color palette so they blend seamlessly with their surroundings.

Tip: Shades of green and gray are go-tos for Craftsman style; select a darker hue from the same color card for subtle contrast.

Browse through HGTV’s Photo Library of Craftsman-Style Homes>>

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From:: HGTV

The Government Development Bank of Puerto Rico announced Friday that it will soon begin buying back outstanding municipal bonds in a move to refinance its debt, according to a notice published on Electronic Municipal Market Access Friday. Some purchases will be privately negotiated, while others will be made in the open market. The development bank or other government entities will offer cash, new securities, or sometimes a combination of both, depending on the availability of attractive refinancing options. sometimes at values below par. The purchases may negatively impact the price of the remaining securities in circulation. Puerto Rico Gov. Alejandro García Padilla said two weeks ago that the island commonwealth would be unable to pay down its substantial public debt. Citigroup Inc. is authorized to make purchases on behalf of the island.

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From:: Stock Market News

At the moment, continued low inflation and uncertainty over the Greek crisis are reasons to delay raising interest rates, said Eric Rosengren, the president of the Boston Fed, on Friday. The Fed needs “a better handle on how the crisis in Greece gets resolved” before tightening policy, Rosengren said in a speech to a business group in Idaho. In addition, Rosengren said he wanted to “wait for data that gives us greater confidence in our forecast” that inflation would move higher toward the U.S. central bank’s 2% annual rate target. Core inflation remains surprisingly weak, he noted. Rosengren said he wasn’t surprised financial markets want simple statements from the Fed about the future path of monetary policy but suggested this was unrealistic given the uncertainties in making forecasts in today’s environment. The Boston Fed president, who will be a voting member next year, said that if the economy unfolds as Fed officials expected at its June meeting, “beginning policy normalization process later this year might be appropriate.”

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From:: Stock Market News