Big investors are in wait-and-see mode. The market is down and oil is surging as a result of the escalation in Syria's civil war. There's also worry the Federal Reserve will end its stimulus too soon. The Dow edged up 48 points yesterday. The S&P 500 gained four and the Nasdaq rose nearly 15 points. The sell-off appears to have abated for now but the trend for the market has been down.
- One government report that more often than not influences the stock market is the number of weekly unemployment claims. That Labor Department report comes out this morning. Also, the Commerce Department releases the second-quarter gross domestic product. Later in the morning, Freddie Mac will report weekly mortgage rates.
- The U.S. government and Switzerland have reached an agreement that could expose Americans who have used Swiss banks to avoid paying taxes. The agreement will allow Swiss banks to settle any potential U.S. charges if they disclose extensive information about their American clients, the value of their accounts and any help they received from tax professionals.
- The government's consumer advocate office says more than 33 million workers qualify to have their student loans forgiven because they work at schools and hospitals, in military and police uniforms. But the Consumer Financial Protection Bureau says the system is overly complicated and often confusing.
- The son of a pioneering investor in Asian companies has pleaded guilty in New York to tax fraud charges, joining three siblings who earlier admitted hiding money from their father's estate in secret Swiss bank accounts. Prosecutors say Henry Seggerman entered the plea to conspiracy and other charges in federal court in Manhattan. They say the Seggermans hid more than $12 million left to them after their father died in May 2001.