Consumer spending rose for the fourth straight month in July and financials rose on increasing expectations of a Fed rate hike. Bobbi Rebell reports.
Stocks began the week by breaking a three-day losing streak, with financials gaining on the increasing belief that the Fed would hike rates. The latest data on consumer spending, which showed an increase for the fourth month in a row, added to comments made last week from Fed Chair Janet Yellen that the case for a rate hike was strengthening. Vespula Capital's Jeff Tomasulo: (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We are kind of in a trading range. And I don't like to use technicals too much but we are in between I think its the 2190 and the 2150 so we are not really making any progress after the what I consider a huge up move in the market after the Brits decided to vote to leave the union. We had a 13 percent up move from the bottom. We are up 8 percent in the SPX for the year but are not making any headway right now." Mylan will launch a cheaper, generic version of its EpiPen. That's the emergency injection used to treat allergic reactions that could cause death if untreated. Mylan will sell the generic for $300. That's half the price of its $600 branded product. Facebook's CEO Mark Zuckerberg and his wife met with the Pope at the Vatican to discuss how communications technology can alleviate poverty. Zuckerberg also met with students in Rome, where when asked if the company would become a media company, he said Facebook will stay a technology platform. In Europe, shares edged lower. London was closed for a holiday.