4/26/10 – theGrio & CNBC Market Update
VIDEO - This week, investors await reports on interest rates, GDP, and consumer confidence as Washington and Wall Street battle over financial reform...
TheGrio and CNBC team up to deliver a weekly report of money matters and market updates for our community.
CNBC’s Shartia Brantley reports:
Last week, investors had to digest a broad range of economic news. New home sales rose 27 percent in March 2010 as buyers rushed to take advantage of the First-Time Homebuyer Tax Credit before the April 30 extended deadline. New claims for unemployment benefits declined by 24,000 from last month, possibly signaling that companies are laying off fewer workers.
In Washington and on Wall Street, President Obama urged Congress to pass upcoming financial regulatory reforms to prevent another financial crisis.
This week, investors await quarterly reports from UPS, Procter & Gamble, and ExxonMobil, as well as data on interest rates, GDP, and consumer confidence.
The Federal Reserve Board meets Tuesday to discuss future policy governing the economy and interest rates. The Fed funds rate affecting loan rates for mortgages, credit cards, and student loans has been in the range of zero to 0.25 percent since December 2008.
We’ll get a read on the economy with the 2010 First Quarter Gross Domestic Product report (GDP) from the Dept. of Commerce, which tracks all the goods and services produced nationwide and is a key indicator of economic growth at the international level. The U.S. economy grew by 5.6 percent during the fourth quarter of 2009, representing the strongest showing in six years largely due to increases in the manufacturing sector.
Are consumers feeling better about the economy? We’ll find out with the April 2010 Consumer Confidence Index report (CCI) due Tuesday from The Conference Board. The March 2010 report showed an overall increase in the confidence index with a reading of 52.5, but consumers remain concerned about the labor market.
Watch the video, exclusively on theGrio.com.
