Russia hosts G-8 summit

In his quest to rebuild a strong Russia out of the ruins of the Soviet Union, Mr. Putin has developed his own brand of Kremlin capitalism, defined by state control over oil and gas and the use of energy to project power, Reuters reports.

Photo: Russia hosts G-8 summit

Investors expect yet another round of outstanding profit reports, with Dow Jones industrials Alcoa Inc. and General Electric Co. opening the season this week. Companies in the Standard & Poor's 500 index have posted 16 consecutive quarters of double-digit earnings growth, a pattern analysts believe is likely to continue.

But much of those expectations may have already been priced into the market, analysts say. With little economic data this week to offer guidance on the Federal Reserve's plan for interest rates, favorable earnings reports will support stocks but may not be enough to push them higher.

The analyst said the market will likely drift until the Fed issues its next decision on interest rates Aug. 8. However, the combination of declining earnings and any hints that interest rates will keep rising would be "toxic for stocks," Gendreau warned, according to the AP.

Wall Street finished last week with steep losses Friday as corporate profit warnings stirred fears that the economy may be slowing down too quickly. Near-record oil prices also renewed concerns about a dropoff in consumer spending.

For the week, the Dow lost 0.53 percent, the S&P 500 slid 0.37 percent and the Nasdaq composite index tumbled 1.91 percent, the AP reports.