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The Conference Board reported earlier that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, exceeding forecasts for a decline to 85.3.
A separate report showed U.S. single-family home prices fell unexpectedly in May, declining for the first time in more than two years. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.3 percent in May on a seasonally adjusted basis, its first fall since January 2012.
"The slowdown in price appears to be indicative of the weakening in housing activity more generally, particularly after the very slow start to the spring selling season," Millan Mulraine, deputy chief economist at TD Securities in New York told Reuters.
"However, while we are not particularly alarmed by the surprising drop in home prices, this report adds to a growing list of housing indicators that are beginning to point in the wrong direction, which could be a early warning signal that all may not be well in this crucial segment of the economy."
Meanwhile, U.S. homeownership rates continued to decline as more Americans opt to rent, according to data released from the Commerce Department Tuesday. The seasonally adjusted homeownership rate fell to 64.8 percent in the second quarter of 2014 from 65.0 percent in the first quarter, marking the lowest level since the second quarter of 1995.
Traders are now looking ahead to the end of U.S. Federal Reserve's two-day policy meeting on Wednesday to see if the central bank will raise interest rates sooner than expected. U.S. second-quarter GDP data, due on Wednesday, and July employment numbers due on Friday will also be closely watched.
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Market News Archive
This week, Brian takes viewers back to basics with an explanation of how the various inflation and the specific differences between the consumer price index and the personal consumption expenditures index measures. Plus, Mike Getlin, CEO of Merit Gold joins...watch more
Gold Standard with Brian Baker
On today's show, Brian recaps Tuesday's economic data and shares an op-ed from Robert Fitzwilson of The Portola Group, "Investors Must Prepare Now For Chaos & Wealth Destruction."watch more
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