indiana corn
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Fed Chairman Ben Bernanke spoke today.  He reminded us that the economy was in bad shape.  But he didn't offer any new signs of more easy monetary policy.
First the scoreboard:
Dow: 12,805, +78.3, +0.6%

S&P 500: 1,363, +10.1, +0.7%

NASDAQ: 2,910, +13.1, +0.4%

And now the top stories:

  • There was a slew of economic data that was released in the U.S. today.  However, none was more exciting than the NAHB housing market index.  The number surged to 35 from 29 in June.  “Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” said Barry Rutenberg of the NAHB.

  • The June CPI number was flat, which was what economists were expecting.  Core CPI, which excludes food and energy prices climbed 0.2 percent, which was also right in line with expectations.  While inflation appears to be tame, UBS's Caesar lack warns that the U.S. (and U.K.) are countries that are most at risk of hyperinflation.

  • One consumer price which may soon start rising is corn.  Commodity corn prices continue to surge as drought conditions worsen in the U.S.

  • Federal Reserve Chairman Ben Bernanke gave his semi-annual "Humphrey Hawkins" testimony to the Senate Banking Committee today. Fed watchers were looking for any clues as to whether the Fed may embark on more easy monetary policy like quantitative easing.  While he acknowledged that the economy remains anemic, Bernanke didn't give any new signals.  

  • On the earnings announcement front, investment banking giant Goldman Sachs announced Q2 earnings that just crushed expectations.  EPS came in at $1.78 versus Wall Street's expectation of $1.18.  The big surprise came out of its fixed income, currency and commodities trading business which surged 37 percent compared to the same period a year ago.

  • Dow component Johnson & Johnson announced earnings that were right in line with analysts estimates.  However, it slashed its full year earnings guidance to a range of $5.00 to $5.07 per share.  Management blamed unfavorable foreign exchange rate movements.  

  • Chip giant Intel and casino operator Wynn Resorts will announced earnings after the bell.  We will cover both announcements LIVE at Business Insider.