Flickr / Homies In HeavenAfter falling to lows around noon, markets made a huge turnaround in anticipation of tomorrow’s big jobs report.

First the scoreboard:

Dow: 15,016.58, +55.99 pts, +0.37%
S&P 500: 1,619.95,  +11.05 pts, +0.69%
NASDAQ: 3419.28, +17.81 pts, +0.53% 

And now the top stories:

  • The morning started off with more madness from Japan. The Yen saw its biggest surge against the dollar in three years as Japanese Premier Shinzo Abe announced new structural reforms. The Nikkei 225 closed down -0.85%. People may now begin to question the long-dollar/short-yen trade. 
  • Initial jobless claims fell to 346,000, from an upward-revised 357,000 the previous week. Economists were predicting a slightly larger drop, to 345,000. Continuing claims fell to 2.952 million during the week ended May 25 from an upward-revised 3.004 million the week before.
  • ECB Chief Mario Draghi left Euro rates unchanged, sending European stocks plunging and causing the Euro to pop against the dollar.
  • U.S. mortgage refinancing activity is starting to wane. The MBA refi index fell 15% for the week. We’re now in the fourth-straight week of declines.
  • U.S. states’ income tax receipts grew 17.6% in Q1, according to a SUNY-Albany report. That’s the largest gain for any quarter in at least six years.
  • About that jobs report tomorrow: analysts expect the U.S. economy added 163,000 payrolls in May, versus 165,000 in April. This report’s a big one: it could affect how soon the Fed begins its “taper” of asset purchases.
  • Zillow’s CEO said on CNBC this morning that now is a good time to sell your house, especially if you plan on trading up, since mortgage rates are only going to go higher.
  • Capitol Hill’s reaction to Guardian reporter Glenn Greenwald’s revelation about NSA collecting phone records was rather odd. Democrat Dianne Feinstein said, “It’s called ‘protecting America.'” Dick Durbin, also a Democrat, called the program “disturbing” and “not surprising.” GOP Congressman Mike Rogers said the program did at one point stop a “significant” terrorist attack but did not elaborate.

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