Now that the stock market seems to have regained its footing, Wall Street turns its attention this week to the housing market, which has slowed considerably since peaking last summer. Two key reports on housing demand are due out this week. But economists aren't optimistic that demand for housing will rebound anytime soon, especially with mortgage interest rates nearing four-year highs.
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Monday, March 20:
LEADING ECONOMIC INDICATORS: The Conference Board will reveal the February results of its closely followed index of leading economic indicators. The index, which attempts to gauge the future performance of the U.S. economy, has risen for four consecutive months starting in October.
FED SPEAK: The new Federal Reserve Board chairman, Ben Bernanke, is slated to speak before the Economic Club of New York this afternoon. His speech comes a week before he is to preside over his first monetary policy meeting, when the Fed is expected to raise interest rates once again.
EARNINGS TO WATCH: PetroChina and Williams-Sonoma
Tuesday, March 21:
INFLATION REPORT: This morning, the Labor Department will unveil the latest results of the producer price index, which tracks inflation at the wholesale level. Last week, the consumer price index, which measures retail-level pricing trends, showed that inflation is relatively tame throughout the economy.
INVESTOR CONFIDENCE: State Street will release the February results of its investor confidence index, which attempts to gauge the mood of investors based on the types of assets held in their portfolios.
EARNINGS TO WATCH: Dollar General and Nike
Wednesday, March 22:
EARNINGS TO WATCH: Adobe Systems, Darden Restaurants, FedEx, KB Home, and Morgan Stanley
Thursday, March 23:
EXISTING-HOME SALES: The National Association of Realtors will release figures for February's existing-home sales. Given the recent decline in housing demand, many expect another modest drop in the growth rate of such sales.
EARNINGS TO WATCH: 3Com, ConAgra Foods, Family Dollar, General Mills, and Palm
Friday, March 24:
NEW-HOME SALES: This morning, the Commerce Department will detail how many new homes were sold last month. As with existing-home sales, demand for newly constructed houses has tailed off lately. The big question will be whether new-home construction continues to outpace demand.
EARNINGS TO WATCH: China National Offshore Oil Corp.
