Fed Chairman Ben Bernanke spoke today. He reminded us that the economy was in bad shape. But he didn’t offer any new signs of more easy monetary policy.First the scoreboard:
Dow: 12,805, +78.3, +0.6%
S&P 500: 1,363, +10.1, +0.7%
NASDAQ: 2,910, +13.1, +0.4%
And now the top stories:
- There was a slew of economic data that was released in the U.S. today. However, none was more exciting than the NAHB housing market index. The number surged to 35 from 29 in June. “Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” said Barry Rutenberg of the NAHB. Here’s The Best Bullish Housing Case That We Have Ever Seen >
- The June CPI number was flat, which was what economists were expecting. Core CPI, which excludes food and energy prices climbed 0.2 per cent, which was also right in line with expectations. While inflation appears to be tame, UBS’s Caesar lack warns that the U.S. (and U.K.) are countries that are most at risk of hyperinflation.
- One consumer price which may soon start rising is corn. Commodity corn prices continue to surge as drought conditions worsen in the U.S. Missouri Farmer Shows Us The ‘Unheard Of’ Devastation To His Crop >
- Federal Reserve Chairman Ben Bernanke gave his semi-annual “Humphrey Hawkins” testimony to the Senate Banking Committee today. Fed watchers were looking for any clues as to whether the Fed may embark on more easy monetary policy like quantitative easing. While he acknowledged that the economy remains anemic, Bernanke didn’t give any new signals. Here’s what the world’s biggest companies are telling us about the economy >
- On the earnings announcement front, investment banking giant Goldman Sachs announced Q2 earnings that just crushed expectations. EPS came in at $1.78 versus Wall Street’s expectation of $1.18. The big surprise came out of its fixed income, currency and commodities trading business which surged 37 per cent compared to the same period a year ago.
- Dow component Johnson & Johnson announced earnings that were right in line with analysts estimates. However, it slashed its full year earnings guidance to a range of $5.00 to $5.07 per share. Management blamed unfavorable foreign exchange rate movements. See inside the $188 billion giant, JNJ, that’s much more than just a band-aid and shampoo shop >
- Chip giant Intel and casino operator Wynn Resorts will announced earnings after the bell. We will cover both announcements LIVE at Business Insider. SEE ALSO: STEVE WYNN: How A Humble Keno Manager Became The Most Powerful Gaming Magnate In The World >
- Don’t Miss: 16 Words That’ll Make You Sound Like A Wall Street Hotshot >