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Stock Market News You Can Really Use
Last week’s economic reports were mixed with weak new home sales on Friday and a worse than expected weekly unemployment report on Thursday. Positive news came from leading indicators and existing home sales, however, overall enthusiasm for higher stock prices was dampened by the FOMC meeting minutes which indicated growing support for tapering from quantitative easing beginning in September.
The annual Federal Reserve conclave at Jackson Hole is a non-event this year since Fed Chairman Bernanke skipped town, however, investors still looked to speeches there for hopeful signs that quantitative easing would be continued and markets would continue to benefit from easy money.
The news from the Tetons was mixed as Atlanta’s Fed President Dennis Lockhart came down in favor of a September taper while St. Louis Chief James Bullard said there was no hurry to pull the Fed’s easy money punchbowl.
Next week will bring important economic data including:
Monday: July Durable Goods
Tuesday: Case/Shiller home prices, consumer confidence
Wednesday: July Pending Home Sales
Thursday: Q2 GDP revision, weekly jobless claims
Friday: personal income, spending, August Chicago PMI, August University of Michigan consumer sentiment
The most closely watched of these will be the GDP report as investors will try to decide whether good news is good or good news is bad regarding the future of quantitative easing and Fed monetary policy.
Bottom line: Major U.S. financial indexes continued treading mostly sideways this week as the summer doldrums continue. The week ahead is also likely to be a slow, low volume affair as Wall Street players and retail investors adjourn to the beaches, mountains and backyard barbeques to celebrate the last week of summer and the long Labor Day weekend.
However, we can expect a sharp pickup in September when several major issues appear on the horizon, including the “Who Will Replace Bernanke Game,” the September 17-18 Fed meeting, the German Federal election on September 22nd and Congress returning to session with the debt ceiling debate expected to peak in mid to late Fall.
August 25, 2013 
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