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US Stocks closed modestly higher yesterday after the Fed revealed that they have decided to end their bond purchase program by October if the economy stays on track.

The Fed also discussed the slowdown in the housing market in June.  The Fed said the reasons the housing market was stalling last month were, tough credit standards, high down payments, weak demand from young families driven by big student loans, a low supply of desirable homes, and rising construction costs.(yahoo finance)

US Jobless claims for the first week of July fell by 11,000 to 304,000.  That is a 7 year low and will push the unemployment rate lower.(marketwatch.com)

People from greater China are buying US Real Estate in record numbers.  Individuals from China spent $22 Billion on US homes through March which is 72% higher from a year ago.  Right now 25% of the homes being bought in the US are by foreign buyers with the Chinese spending the most.  The publicly traded home builders are catering to the Chinese like never before.(yahoo finance)

US Stocks are sharply lower this morning over concerns about the Portuguese banking sector.
 

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