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Top 4 Business Stories of the Day

Google trounced financial analyst expectations in the fourth quarter of 2013 as revenues rose to $16.86 billion. This was 17 percent higher than the fourth quarter in 2012. The company's operating income, on earnings excluding one-time items, rose to $4.84 billion from $4.27 billion a year earlier. This is the second consecutive year that Google crossed $50 billion in revenue, reaching $57 billion. Shares of Google closed up nearly 2.57 percent during regular trading to finish at $1,135.39. Chipotle's popularity isn't showing any signs of fading, with the Mexican food chain reporting a fourth-quarter profit and sales that beat Wall Street expectations. For the last three months of the year, the Denver-based company said sales rose 9.3 percent at locations open at least a year. By contrast, McDonald's had reported a decline of 1.4 percent for the same period. Chipotle earned $79.6 million, or $2.53 per share, for the quarter. Janet Yellen, the first woman to chair the Federal Reserve in its 100-year history, will take over the reins of the U.S. central bank on Saturday but will only formally be sworn in next week, the Fed said on Thursday. Yellen, 67, who succeeds Ben Bernanke as the Fed begins to unwind unprecedented efforts to boost the U.S. economy, will be sworn in at 9 a.m. Her main task will be to navigate the U.S. central bank's way out of its extraordinary stimulus, beginning with a further dialing down of its massive bond-buying program. The global high-yield market saw robust performance in 2013 with total returns of 7.4% in the US and 10.3% in Europe. Coupon carry combined with a low default environment drove much of the performance in our view. In the US average yields neither exceeded nor disappointed expectations ending the year close to where they began while European high yield outperformed US high yield for the second year in a row as the region finally showed signs of emerging from recession.

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