With the indexes short term oversold and sitting at key support levels it made some sense that we saw a bounce today – the question is whether it has lasting power. The S&P 500 jumped 1.24% and the NASDAQ 0.98%. Tomorrow’s attention will be squarely on the Federal Reserve as people look to see if the language in the press release points to a rate hike in 2015. China’s securities regulator said on Tuesday that it had launched an investigation into Monday’s selloff, when stocks fell more than 8%. Losses were more mild there on Tuesday.
In economic news, U.S. consumer confidence for July came in at 90.9, missing expectations and posting a decline from June’s read of 99.8. The home ownership rate dropped to 63.4 percent, the lowest level since 1967.Continue reading