At this week's regular meeting, the Fed pledged to keep policy rates near zero until the economy stabilizes. Bond purchases will also continue in support of the markets.

Jobless claims rose for a 2nd week in a row to 1.43 million, after several weeks of improvement. The increase was slight, with only 12,000 more claims than the week before.

Consumer confidence fell more than expected in July, as some businesses had to close again or halt reopenings amid a flare-up in COVID-19 infections across the country.

According to Case-Shiller, national home prices rose 4.5% year-over-year in May. Prices continue to get a boost from record low mortgage rates.

Pending home sales surged for the 2nd consecutive month in June, rising 16.6% monthly and up 6.3% from June 2019. The NAR improved their 2020 housing market forecast.

The U.S. homeownership rate surged to 67.9%, its highest point since the Great Recession. The rate increased 3.8% over last year and 2.6% over last quarter.