Wall Street Greek: Economic News: Bernanke Faces the Music

Visit the front pages of Wall Street Greek and Market Moving News to see our current coverage of economic reports and financial markets.

The day's economic news flow will be headlined by the House testimony of one Ben Bernanke, as he is interrogated about his and Hank Paulson's alleged arm twisting of Bank of America CEO, Ken Lewis. Weekly Jobless Claims is also on tap, one week after a drop in continuing claims gave the market a jolt. Recall, we smartly suggested this was likely due to benefits checks running out for the long unemployed, more than it was due to folks finding work.

Economic News

(Tickers: BAC, DIA, SPY, QQQQ, NYX, DOG, SDS, QLD, XLF, IWM, TWM, IWD, SDK, ACN, AMSWA, KAD, CBK, CAG, FINL, DISK, JTX, LEN, MKC, MU, PALM, RLOG, RBN, SMOD, SMSC, SPEC and TIBX)

Weekly Jobless Claims

The market was enthused last week when continuing claims decreased significantly. However, "The Greek" first reported to you that the change was just as likely due to unemployment benefits running out for poor souls who could not find employment as it was due to folks finding work.

For the week ended June 20, Initial Weekly Jobless Claims tallied 627K, above the economists' consensus for 613K. This week's figure also represented an increase of the newly jobless from last week's revised 612K. That intriguing Continuing Claims count increased by 29,000 this time around, and the insured unemployment rate held at 5.0%.

GDP Last Call

The final reporting of first quarter GDP offered a surprising but modest revision to -5.5%, from 5.7% at last check. The Price Index held at +2.8% annualized, quarter-to-quarter. The quarterly change in Corporate Profits was revised up to +64.3%, from the previous estimate of 62.8% over Q4 2008. Though profits were down 21.8% when compared to the prior year quarter, which was still better than the 36.3% dive in Q4.

Bernanke Faces the Music

Must-see TV is back! You do not want to miss Ben Bernanke's testimony regarding his alleged bullying of Bank of America (NYSE: BAC) CEO Ken Lewis. If C-SPAN does not cover this, be sure to catch it on Bloomberg Radio or the usual suspects of major media. This hot one is going to be covered across the medium spectrum at 10:00 AM. Keeping with the Fed, it will report on its balance sheet and money supply at 4:30, though its policy statement will have already softened any blow this data could make.

GM Bankruptcy

General Motors (NYSE: GM) will be waiting on the final approval of the U.S. Bankruptcy Court in New York to grant permission for it to borrow $33 billion from the government and Canada, while it works its way out of bankruptcy. Also, Toyota Motors (NYSE: TM) gives a timely update on its new management.

Markets Overseas

German Chancellor Angela Merkel, perhaps the only EU national leader who might retain her position at next election, visits President Obama in DC.

Asia:

MSCI Asia APEX 50: +1.72%

Japan NIKKEI 225: +2.15%

Hong Kong Hang Seng: +2.14%

China CSI 300: -0.09%

India BSE SENSEX 30: -0.53%

Europe:

DJ Euro STOXX 50: -2.21%

UK FTSE 100: -1.39%

France CAC 40: -2.1%

Germany DAX: -2.24%

(Prices as of hour of publishing, which may not be the close)

Corporate News Drivers

Thursday's EPS report list includes Accenture (NYSE: ACN), American Software (Nasdaq: AMSWA), Arcadia Resources (AMEX: KAD), Christopher & Banks (NYSE: CBK), ConAgra Foods (NYSE: CAG), Finish Line (Nasdaq: FINL), Image Entertainment (Nasdaq: DISK), Jackson Hewitt Tax Service (NYSE: JTX), Lennar (NYSE: LEN), McCormick & Co. (NYSE: MKC), Micron Technology (NYSE: MU), Palm Inc. (Nasdaq: PALM), Rand Logistics (Nasdaq: RLOG), Robbins & Myers (NYSE: RBN), Smart Modular Technologies (Nasdaq: SMOD), Standard Microsystems (Nasdaq: SMSC), Spectrum Control (Nasdaq: SPEC) and TIBCO Software (Nasdaq: TIBX).