Bank of America to cut branches
The largest U.S. bank on Tuesday said it plans to reduce the size of its U.S. branch network over the next three to five years. As of June 30, the Charlotte based bank had 6,109 branches, down 30 from December's number of 6,139.

Consumer confidence drops
Consumer confidence about business conditions and the labor market fell more than expected in July, according to a new report. The consumer confidence index stood at 46.6, down from 49.3 in June, according to a report this morning by the New York-based Conference Board.

US home prices post a rise for the first time in three years
Home prices have seen their first monthly increase in nearly three years, according to the S&P/Case-Shiller Home Price Indices report published Tuesday. The S&P/Case-Shiller home-price index rose 0.5 percent from April, the first monthly gain since July 2006 and biggest since May of the same year, the group said today in New York.