Stocks could side step temporarily as investors look for the next catalyst that will break the market out of its current range.
A last blast of third quarter earnings news is expected this week, including from consumer-driven companies like Disney [ DIS 30.48
+0.47 (+1.57%) ] and major retailers, like Wal-Mart [ WMT 54.68
+0.40 (+0.74%) ], Nordstrom [ JWN 33.99
+0.04 (+0.12%) ] and Macy's [ M 16.74
-0.37 (-2.16%) ]. The economic calendar is relatively light, but a group of Fed speakers could get some attention. There is also $81 billion in Treasury note auctions scheduled in a holiday-shortened week for the bond market.
Stocks shook off a two-week losing streak in the past week, with the Dow gaining 3.2 percent to 10,023. The S&P 500 was up 3.2 percent to 1069. The dollar was weaker against a basket of currencies and down 0.9 percent against the euro to a level of $1.4845 per euro. Oil was up 0.8 percent for the week to $77.65, but gold was the standout, finishing the week at a record $1095.10 per troy ounce, a gain of 5.3 per cent.
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