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

Dow Books Triple-Digit Gain

Stocks also rose Tuesday as above-consensus earnings reports helped investors move past an appearance by Fed Chairman Ben Bernanke on Capitol Hill where he gave no indication that another round of quantitative easing was likely this summer. Bernanke was back on Capitol Hill Wednesday, delivering the same message to a House committee.

On the data front, there was more positive news for the housing market following the National Association of Home Builders report Tuesday of the monthly jump in homebuilder sentiment. The Department of Commerce reported that housing starts rose 6.9% in June to a seasonally adjusted annual rate of 760,000, from May's upwardly revised 711,000. Economists surveyed by Thomson Reuters expected a June pace of 745,000.

Adrian Day, president of Adrian Day Asset Management, while finding the housing market data heartening, was already mentally moving on to tomorrow's initial jobless claims report.

"Employment -- whether claims, new jobs, unemployment -- the employment picture is much more important than housing," he emphasized. "Employment is really the central thing... It also seems to be the one that the Federal Reserve, particularly Bernanke, is putting as paramount."

On the first day of his semi-annual testimony about the economy Tuesday on Capitol Hill, Bernanke cautioned that improvements in the unemployment rate will likely continue at a "frustratingly" slow pace.

"The jobs numbers tomorrow will be really important," Steve Ayer, managing director and partner at HighTower agreed. "People will be looking to see how much there is in the seasonal adjustment."

"You'll see that seasonal adjustment to be factored in and see a much higher number, but based on what that adjustment is and the severity of it," Ayer added.

Building permits fell 3.7% to a seasonally adjusted annual rate of 755,000, but from the upwardly revised May rate of 784,000. Economists, on average, expected a rate of 765,000 for June.

The FTSE in London closed up 1.01% and the DAX in Germany finished ahead by 1.62%. Hong Kong's Hang Seng index finished down 1.11% and the Nikkei in Japan closed down 0.32%.

August crude oil futures settled up 65 cents at $89.87. August gold futures lost $18.70 to settle at $1,570.80.

The benchmark 10-year Treasury was up 2/32, lowering the yield to 1.501%, while the greenback turned lower, down 0.06%, according to the dollar index.


-- Written by Andrea Tse and Alexandra Zendrian in New York.



>To contact the writer of this article, click here: Andrea Tse.

2 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 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

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