Hope for a Wall Street rebound...Housing report due today

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Associated Press

Posted on June 17, 2013 at 6:03 AM

Updated Monday, Jun 17 at 6:03 AM

NEW YORK (AP) — It's a new trading week and hope springs eternal. Investors are looking for a stock market rebound this week after disappointing reports on the U.S. economy helped push the market lower Friday. The Dow dropped 106 points or 0.7 percent. The S&P 500 sank 9 ½ points, or 0.6 percent and the Nasdaq composite lost nearly 22 points, or 0.6 percent. Futures trading suggests gains at this morning's opening.

KUALA LUMPUR, Malaysia (AP) — International stock markets edged up today amid hopes that the U.S. Federal Reserve will put off plans to wind down its stimulus program. The Fed meets this week. Benchmark crude oil rose above $98 per barrel. The dollar gained against the yen but fell against the euro.

WASHINGTON (AP) — The National Association of Home Builders' June housing market index comes out today. Investors will get some more news on housing Tuesday when the Commerce Department reports the number of starts in May. Also Tuesday, Federal Reserve policymakers begin a two-day meeting to set interest rates and the Labor Department releases May's Consumer Price Index.

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke will be closely watched and listened to this by investors concerned that the era of ultra-low interest rates are nearing an end. The Fed holds its policy meeting this week and Bernanke will answer questions after it ends.

SAN FRANCISCO (AP) — New York Mayor Michael Bloomberg and San Francisco Mayor Ed Lee are sponsoring technology summits to be held in each city in the next year. The "digital cities" summits will seek to find ways to use technology to solve problems the cities face. Bloomberg cited power outages and dangerous winds and flooding from Hurricane Sandy as examples.

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