Investors just keep watching the stock market go ever higher, smashing new records on an almost daily basis. This week, they'll have plenty more to watch in terms of market-moving developments.
The highlights:
The Fed meeting
The Federal Reserve meets Tuesday and Wednesday for its last gathering of the summer. While you might think Fed-watching is just for policy dorks, it's not.
As the U.S. central bank, the Fed, in addition to regulating banks, also sets the interest rates you pay for all kinds of debt. This week's meeting isn't expected to bring news of a rate increase, but the market is still watching closely.
There could be some important language tweaks in the statement the Fed issues after its two-day session. The statement also is likely to include details about how the central bank unwinds all that money-printing stimulus it provided to the economy during and after the financial crisis.
Here's some good advice from NerdWallet about how both consumers and investors should view Fed news:
"If you currently have credit-card debt, the clock is officially ticking to pay down the balance before the next Fed hike, which is likely later this year," said Kimberly Palmer, credit cards expert at NerdWallet, which provides information for investors and consumers. "Making early payments by redirecting a portion of savings or income toward that debt can save consumers money by reducing interest payments while rates remain stagnant in the short term."
Four reports on housing
One of the big economic puzzles this year has been the decline in the housing market. Interest rates that are still low and there are plenty of buyers out there but the sector has struggled and contributed to the mediocre first-half growth of the broader economy.
Hopes, however, are starting to rise. Mortgage applications, housing starts and permits all rose in June, providing some glimmer that real estate might be on the rebound. Investors this week will get housing data almost every day to put that theory to the test.
Monday brings existing home sales, Tuesday is the closely watched Case-Shiller home price index, Wednesday is new home sales and Thursday will provide numbers on vacancies.
Watch the Case-Shiller numbers especially to see if the buyers' market is still propelling prices higher.
A first look at the second quarter
Speaking of the economy, Friday brings maybe the biggest data point of the week.
That's when the government will release its first estimate for second-quarter growth. Economists expect GDP to have bounced 2.5 percent after a pretty dismal 1.4 percent growth rate in the first three months of the year.