This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Greek Debt Deadline Looms: Coming Week


NEW YORK ( TheStreet) -- After a relatively slow week, the next five trading days will be a test of U.S. investor confidence as a Feb. 15 deadline looms over Greek debt talks.

The clock is ticking on negotiations for Greece, as eurozone officials have marked Feb. 15 as the cutoff point for an agreement on a second bailout deal. If the debt-ridden nation is unable to find 325 million euros ($428.6 million) of additional budget cuts by then, the country will face the distinct possibility of a disorderly default on March 20.

Economic data due out of Europe the same day likely will add to the tension. An initial estimate of euzozone economic performance is likely to show the region contracted 0.4% in the fourth quarter, according to Thomson Reuters, following 0.2% growth in the previous quarter. If the region continues to contract in the current quarter, it would formally signal a recession.

Meanwhile, retail sales reports and manufacturing data from the U.S. could keep investors confident in growth on the other side of the Atlantic.

On Valentine's Day morning, investors hope to see the Commerce Department report stronger retail sales for the month of January after sales disappointed in December.

Economists polled by Thomson Reuters forecast sales expanded by 0.6% after rising just 0.1% in December, when heavy discounting and cheaper fuel prices knocked down the value of goods. Meanwhile, a Bureau of Labor report, also due out at 8:30 a.m. EST, is expected to show export prices fell 0.1% and import prices climbed 0.2%.

> > Bull or Bear? Vote in Our Poll

Treasury Secretary Timothy Geithner will also get in on the action Valentine's Day when he appears before the Senate Finance Committee to present the president's budget for fiscal year 2013.

On Wednesday, the Federal Reserve is expected to report at 9:15 a.m. EST that industrial production continues to expand at a quickening pace. Economists expect production to have risen 0.6% in January, after climbing 0.4% the prior month. Industrial utilization is also expected to have improved, to 78.5% of capacity from 78.1% in December.

At 8:30 a.m. EST on Monday, the Federal Reserve Bank of New York is expected to show manufacturing in the region continues to improve as well. The Empire State Manufacturing Survey is expected to indicate conditions advanced 0.7 points to 14.2 in February. At 10 a.m. EST, the Housing Market Index from the National Association of Home Builders is forecast to rise to 26, after climbing to 25 last month, its highest level since June 2007.

In the afternoon, the Federal Open Market Committee will release the minutes of its last meeting, on Jan. 24-25. However, with the new efforts at transparency, the minutes are unlikely to reveal anything new.

Fed Chairman Ben Bernanke already announced in a press conference after the meeting last month that benchmark funds rate is expected to remain near zero through 2014. Nonetheless, Bernanke will follow up with a press conference at 9 a.m. EST Thursday morning.

The U.S. economic data bonanza continues Thursday with reports on housing starts, initial jobless claims and producer prices at 8:30 a.m. EST. The Commerce Department is expected to report that housing starts climbed 2% to a 670,000 annual rate after dropping 4.1% in December, while initial jobless claims are expected to spike to 365,000 after falling to 358,000 last week.

Meanwhile, the Philadelphia Federal Reserve is expected to report that its business index jumped to 8.5 in February after increasing to a three-month high of 7.3 last month, according to Thomson Reuters.

The Bureau of Labor Statistics will close out the week's economic data at 8:30 a.m. EST Friday with a report on consumer prices. The consumer price index is expected to climb 0.3% after holding flat the prior month.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs