STOCKS GO NOWHERE, BUT INTEREST RATES SPIKE: Here's What You Need To Know

REUTERS/Wolfgang RattayGerman three-time Red Bull Formula One world champion Sebastian Vettel takes to the air during a soapbox fun race in the western German town of Herten, near Gelsenkirchen, July 14, 2013.The stock market spent most of the afternoon in the red, but recovered all of its losses. But bonds tanked, sending interest rates higher.

First, the scoreboard:

• Dow: 15,108.1, -4.0, -0.0%
• S&P 500: 1,657.8, -3.4, -0.0%
• NASDAQ: 3,608.9, +2.8, +0.08%

And now, the top stories:

• Two economic reports came in a bit worse than expected. Housing starts climbed just 5.9% month-over-month in July to 896,000 units. Economists were looking for this number to climbe to 900,000. Building permits rose 2.7% to 943,000, which was also weaker than expected.
• The University of Michigan's closely followed consumer confidence index unexpectedly dropped to 80.0 in August from 85.1 in July. Economists were hoping for a tick up to 85.2.
• The bond market saw the most volatility, with Treasury securities tanking and the 10-year yield surging to as high as 2.86%.
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