Wall Street begins the holiday shortened week pointing to a slightly higher open. With no economic indicators or earnings reports out ahead of trading, investors' attention will likely fall on the sentencing of convicted Ponzi-scheme operator Bernard Madoff. He faces up to 150 years in prison.
On the economic front for the rest of the week, Tuesday brings the S&P Case-Shiller Home Price Index and consumer confidence reports. On Wednesday we will get data on auto sales, pending home sales, the ISM Manufacturing Index and the ADP Employment report. On Thursday, we will get the weekly jobless claims data and the government’s Employment Situation report. The markets are closed on Friday in observance of Independence Day Saturday.
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