Stock News: Consumer Sentiment, Minimum Wage Increase, Bernanke & Geithner Testify

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Stock News

Today's stock news includes the Reuters/University of Michigan Consumer Sentiment reading, the testimony of Bernanke and Geithner on financial regulatory reform, the effective increase of the minimum wage and several corporate earnings reports.

Consumer Sentiment

The University of Michigan produces its Consumer Sentiment measure this morning in cooperation with Reuters. At 9:55, economists expect to see the latest reading reach 65.0, up from the mid-July reading of 64.6. That prior check was the one that indicated a drastic retrenchment in sentiment, down six points from the reading before that. Since that time, the stock market has found its second wind on earnings drivers and ongoing positive signs in housing.

Bernanke & Geithner Testify

Federal Reserve Chairman Benjamin Bernanke and Treasury Secretary Timothy Geithner testify before the House Financial Services Committee on the Administration's new regulatory reform plan, and generally on the topic. This all-important gathering takes place at 10:00 a.m. ET.

Minimum Wage Increase

The federal minimum wage increases today, rising $0.70, to $7.25. Thank you my government, as many Americans see their monthly income increase enough to pay another bill or two ($124 increase on a 40-hour work week).

Corporate Earnings Schedule

The day's list includes reports from Arch Coal (NYSE: ACI), Black & Decker (NYSE: BDK), Exelon (NYSE: EXC), First Financial Holdings (Nasdaq: FFCH), Horizon Lines (NYSE: HRZ), Idexx Laboratories (Nasdaq: IDXX), Ingersoll-Rand (NYSE: IR), optionsXpress Holdings (Nasdaq: OXPS), Pinnacle Entertainment (NYSE: PNK), Schlumberger (NYSE: SLB), Sepracor (Nasdaq: SEPR), Standard Register (NYSE: SR), T. Rowe Price (Nasdaq: TROW), Wilmington Trust (NYSE: WL) and several others.


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