Economic Data for the Week of Aug 24

With earnings season over, investors will shift their focus toward next week’s new home sales, consumer sentiment, second-quarter GDP, and manufacturing data to see if the economy’s recovery is on track, and whether Wall Street will reverse trend – as stocks continue to defy bears who argue the market is way overbought at current levels and due for a pull back. The Dow finished Friday at 9505, up 184 points, its highest close since Nov. 4. The S&P rose over 2% to 1026, its highest close since Oct. 6 (the S&P is up nearly 52% from its 12-year closing low set on March 9). If the economic data continues to improve – the bears, who have have been very wrong during this past rally, will have to throw in the towel at some point, since the market’s uptrend momo will most likely continue.

This week’s economic calendar includes, S&P/Case Shiller housing price survey Tuesday, as well as consumer confidence that day. The U.S. Commerce Dept. will release July numbers on durable good orders on Wednesday. New home sales are also reported on Wednesday. Thursday data includes weekly jobless claims and a second look (revised version) at 2Q GDP. The Reuters/University of Michigan Surveys of Consumers will give a final reading on August consumer confidence on Friday. Also on Friday, personal income and consumption figures for July will be watched to see how much consumers are saving rather than spending.

Some more insights for the week ahead from MW’s Stacey Delo:

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