July 14, 2013 3:13 PM
Federal Reserve Chairman Ben Bernanke plans to explain - yet again - in two days of congressional testimony that his plan to buy fewer bonds is not the same as raising interest rates. Emerging economies that have thrived on ultra-loose U.S. monetary policy and insatiable Chinese demand for natural resources are in for another rude wake-up call . Next week marks the first big week of second-quarter earnings, and it is sure to bring both joy and misery to Wall Street. Investors will concentrate on market fundamentals after weeks when Federal Reserve policies have dominated the market. If they see companies are still struggling, stocks could take a fall. Even after Fed Chairman Ben Bernanke scared markets in June by telling investors the Fed is likely to reduce monetary stimulus in coming months, stocks have recovered, with both the Dow and S&P 500 climbing to all-time highs.