Salient to Investors:

Michael Purves at Weeden said the markets are starting to process softening economic news and a correction.

72 percent of the 111 S&P 500 companies so far reporting have beaten earnings estimates.

Thomas Nyheim at Christiana Trust said housing is showing modest improvement.

William C. Dudley at the New York FRB said European economic weakness and US budget woes mean more needs to be done to shore up the global economy and financial regulation. Dudley said the US economic outlook is gradually improving, but the near-term macroeconomic outlook for Europe is less bright.

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