Investors are waiting in anticipation of new consumer sentiment and housing data to be released September 25. It’s likely that the S&P Case/Shiller home price index will show a 1.1% rise in prices in 20 cities over July prices from last year.
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That would be the largest gain since August of 2010. Consumer confidence is expected to rise to 63.2 in September from 60.6 in August.
The S&P 500 index had the largest decline in seven weeks as European leaders showed little agreement on the details of implementing the recently announced crisis management plans. Recent data from China and Germany indicate that the slowdown in the global economy is worsening.
Investors will continue to watch economic data to see if the Fed’s third quantitative easing
is having an effect. There has been some doubt that the move will be effective in boosting the economy, yet others feel a broader positive effect will be felt by the jobs market.
The Confidence Board report will be released at 10 a.m. eastern time.