Latest Business News: Home Prices Rose in May Though Pace Cooled: S&P

A survey showed U.S. single-family home prices rose in May, though the pace of gains cooled compared to the month before. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1 percent on a seasonally adjusted basis, shy of economists' forecast for a 1.5 percent increase. Stock index futures edged higher as investors braced for housing and consumer data in a week packed with economic numbers. Volume was expected to be subdued before the Federal Reserve statement on Wednesday at the end of a two-day meeting of policymakers. The Fed's Open Market Committee's statement will be combed for hints of when the central bank may begin to scale back its $85 billion a month in asset purchases aimed at stimulating the economy. A weakening rupee and comments from the Reserve Bank of India are joining forces to drive Indian equities lower. The benchmark Sensex index fell 1.25 per cent.
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