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U.S. stocks were set to rebound Tuesday following the strong reports on the housing market and digest the latest corporate earnings.
Stocks began the week sharply lower, selling off nearly 1% on Monday, as worries about Europe's debt crisis and uncertainty over the U.S. debt ceiling continued to hang over the market. Meanwhile, gold prices surged.
The failure of eight banks to pass Europe's latest round of bank stress tests have done little to restore investor confidence overseas.
Economy: Before the opening bell, the Commerce Department reporting stronger-than-expected numbers of June housing starts and building permits, giving the markets an extra boost.
The government reported an annual rate of 629,000 housing starts and 624,000 housing permits for June.
Economists had forecast that housing starts would rise to an annual rate of 570,000 units in June, while permits were expected to remain unchanged at 609,000 units.
Companies: Quarterly reports from the banking sector will take center stage Tuesday morning.
Before the opening bell, Bank of America (BAC, Fortune 500) reported a net loss of $8.8 billion, or 90 cents per diluted share, in line with analyst expectations.
Goldman Sachs (GS, Fortune 500) posted second-quarter earnings of $1.1 billion profit, or $1.85 a share - missing analysts' forecasts.
Citing strong demand, Coca-Cola (KO, Fortune 500) reported earnings per share of $1.20 on revenue of $12.7 billion, beating analyst expectations.
Apple (AAPL, Fortune 500) is scheduled to report its earnings after the closing bell.
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