(As of 7:25 am pacific)
Stocks are steadily rising this morning as housing data
comes in better than expected. The Case
Shiller Index, which measures home prices for 20 major US cities, rose 1.6% in
July for the 4th straight monthly increase and reached its highest
level in almost 2 years. It was the 3rd
month in a row that every city in the 20 city index recorded positive price
gains, confirming the recent good news in housing. Consumer confidence also rose to a 7 month
high. The reports were enough to lift
all major US indices into the green.
European markets also reversed direction after the US data was released
adding to slight gains. News is light
out of Europe today, with one report stating that Greece will likely need more
time to get its finances in order. In company
news, Caterpillar trimmed its 2015 earnings forecast calling for modest
economic global growth, causing shares to tumble 2.5%. The US dollar is down today causing
commodities to rise, including oil and gold.
Interest rates are flat with the 10 yr. treasury yield at 1.71%. Volatility remains low. Expect the market to hold on to modest gains
today as the housing data has been the one bright spot in the economic reports
we’ve been seeing the past couple months.
