Stocks Rise Modestly Ahead of Fed Day
Today's financial recap and tomorrow's financial outlook.
The S&P 500 (INDEXSP:.INX) closed up less than a single point today The index traded as much as 0.4% higher in early trading, but faded throughout the day on no specific news before rising into the close.
The S&P/Case-Shiller Home Price Index recorded year-over-year growth of 12.2% versus the 12.4% consensus. In reaction, the SPDR S&P Homebuilders ETF (NYSEARCA:XHB) outperformed the market today, up 1.0% at the close.
Consumer confidence came in at 80.3, which was slightly less than the 81.0 consensus.
In commodities, crude oil dropped $1.40 to $103.15 per barrel while gold fell 0.2% to $1,326 per ounce.The 10-year US Treasury yield rose by 2 bps to 2.60%.
Facebook (NASDAQ:FB) finished up 5% on the day, climbing as high as $37.66. This is the closest the stock has traded to its IPO price of $38 since going public more than a year ago.
Coach (NYSE:COH) tumbled 8.5% after releasing disappointing earnings before the market open.
In a continuation of its volatile action, the Nikkei 225 (INDEXNIKKEI:NI225) climbed 1.5% despite Japan reporting disappointing household spending, unemployment, and industrial production.
The PMI manufacturing index will be released at 7:15 p.m. EDT tonight.Tomorrow's Financial Outlook
The ADP employment report will be released tomorrow at 8:15 a.m. EDT tomorrow morning. Private payrolls are expected to rise by 179K.
GDP will be released at 8:30 a.m. EDT, with second-quarter growth expected to come in at 1.1%.
The Chicago PMI will be released at 9:45 a.m. EDT. The index is expected to record a reading of 54.0 after seeing 51.6 last month.
The FOMC will be making an announcement regarding its monetary policy at 2:00 p.m. EDT. The target federal funds rate is expected to remain unchanged, though traders will be watching for details regarding tapering of QE activities.
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