The Fed left policy rates unchanged at this week's meeting and pledged to continue bond buying until 'substantial' economic gains are seen.

Retail sales tumbled in November, decreasing 1.1% from the prior month. The economic rebound has hit bumps amid rising COVID-19 cases and increasing lockdowns.

Jobless claims unexpectedly jumped to the highest level in 3 months, suggesting the labor market is faltering due to new business restrictions.

Homebuilder confidence dropped slightly in December, after 3 straight months of record highs. Builders say they are concerned that buyers are starting to get sticker shock.

Strong demand pushed housing starts to a 9-month high in November, up for the 3rd straight month. Single-family construction climbed to the best level since 2007.

Mortgage applications increased last week, with purchase applications up 2% on the week and 26% higher annually. Refinance applications were up 105% from a year ago.