Investors hope for a pick up on Wall Street after yesterday's poor finish. An assessment by the Federal Reserve that the economy has yet to fully recover took its toll on the market, sending stocks mostly lower after a brief upturn. Stocks finished the day mixed, with the Dow Jones industrial average eking out a tiny gain on the day. Futures point to gains this morning.
- Asian stock markets were mixed today while European exchanges appeared cheered by China's latest economic report showing 7.5 percent quarterly growth, which suggests the government's mini-stimulus helped. first interest rate increase from the Fed will come next summer. The dollar edged higher against the euro and was unchanged against the yen. Benchmark U.S. crude oil rose above $100.50 a barrel in electronic trading.
- Several economic reports are due today, including the Labor Department's Producer Price Index for June, the Federal Reserve's industrial production survey for June and the National Association of Home Builders' housing market index for July. In the afternoon, the Federal Reserve releases its Beige Book on economic conditions in the various Fed regions.
- Fracking will go on in Denton, Texas, which sits atop a large natural gas reserve. The city council this morning rejected a petition to ban further permits for hydraulic fracturing. More than 100 people spoke during a public hearing late yesterday and today. Petition supporters say the risks to human health and the environment outweighed the economic benefits. Industry groups and state regulators warned of litigation and a severe hit to Denton's economy.
- China's economic growth edged up in the latest quarter and more than 7 million new jobs were created in the first half of the year. That eases pressure on communist leaders as they try to prevent a precipitous slowdown in the world's second-largest economy. Economic growth rose to 7.5 percent over a year earlier in the three months ended June 30 from the previous quarter's 7.4 percent.