All three indexes finished sharply higher last week, logging one of the best weekly performances of the year. The Dow Jones Industrial Average climbed 2.2%, the S&P 500 jumped 3% and the Nasdaq rallied 3.5%.
Corporate earnings: Several big banks are set to report their second quarter results, including Citigroup (Fortune 500), , Goldman Sachs (Fortune 500), , Bank of America (Fortune 500) and , Morgan Stanley (Fortune 500). They come on the heels of , JPMorgan Chase (Fortune 500) and , Wells Fargo (Fortune 500), both of which , beat Wall Street expectations last week.
Economic reports: Several reports that give a reading on the health of the U.S. consumer will be released this week, including retail sales, housing starts and building permits.
The Fed: On Wednesday, Federal Reserve chairman Ben Bernanke will deliver his semi-annual testimony to Congress on monetary policy.
The same day, the central bank will release its beige book, which provides anecdotal information on current economic conditions in different parts of the country.
Investors, who were sent into a tizzy last month when Bernanke hinted that the Fed could pull back its bond buying program by the end of the year, will likely pay close attention to these events for any further clues about the central bank's intentions on economic stimulus.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.52%||4.38%|
|15 yr fixed||3.55%||3.42%|
|30 yr refi||4.51%||4.37%|
|15 yr refi||3.54%||3.41%|
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