Dow stocks at 52 week highs include 3M (MMM), Boeing (BA) and Cisco Systems (CSCO). There are no Dow stock 52 week lows.

The Market

Monday the Dow closed up +109.67 (+0.73%) at 15,179.85.

This morning the Dow was indicated to open up +29 points.

The Fed begins its 2-day FOMC meeting today and is not expected to make any major policy changes but the markets will be carefully listening to Fed Chairman Bernanke’s press conference on Wednesday for any hints on when the Fed may start to taper QE3.

Housing starts rose less than expected in May. The Commerce Department said on Tuesday housing starts rose 6.8 percent to a seasonally adjusted annual rate of 914,000 units. April’s starts were revised up to show a 856,000-unit pace instead of the previously reported 853,000 units. Economists had expected groundbreaking to rise to a 950,000 unit rate last month.

Year-to-date the Dow is up +15.84%.

European markets are mixed and Asian markets ended mixed.

The national average price of gasoline is down four-tenths of a cent to $3.607 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Earnings reports from Monday include:

Korn/Ferry International (KFY) reported fourth quarter EPS of $0.32 vs. $0.31 expected on revenue of $238.6 million vs. $223.58 million.

Other stocks expected to report earnings today include:

Adobe (ADBE) is expected to report second quarter EPS of $0.34 vs. $0.60 a year ago.

FactSet Research Systems (FDS) is expected to report third quarter EPS of $1.15 vs. $1.05 a year ago.

La-Z-Boy Inc. (LZB) is expected to report fourth quarter EPS of $0.28 vs. $0.18 a year ago.

UnitedHealth Group Inc. (UNH).

UnitedHealth Group Inc. (UNH) is up +18.68% year-to-date.

Financial Calendar

0830 ET May CPI expected +0.2% m/m and +1.4% y/y, Apr -0.4% m/m and +1.1% y/y. May CPI ex food and energy expected +0.2% m/m and +1.7% y/y, Apr +0.1% m/m and +1.7% y/y.

0830 ET May housing starts expected +11.4% to 950,000, Apr -16.5% to 853,000. May building permits expected -3.0% to 975,000, Apr +12.9% to 1.005 million.

0930 ET FOMC begins 2-day policy meeting.

1630 ET API weekly U.S. oil statistics.