The market has staged a late day rally, rising back to the heights of earlier today.
- Dow up 120.71 or 1.20%
- S&P 500 up 9.97 or 0.94%
- NASDAQ up 15.93 or 0.74%
And now, the top stories:
- Consumer credit numbers have been released and they point to further deflationary pressures. Borrowing fell by $9.1 billion in May.
- Initial jobless claims this morning came in at 454,000, a notch below the analyst predictions of 460,000. This is an improvement over last weeks 472,000.
- European banking stress tests have come in a little weak, with 6 banks having problems which may force them to recapitalize. The tests themselves have been derided for being not strong enough. Markets loved the results, however. Check out the 6 banks >
- Retail sales for June were largely mixed with J.C. Penney, Macy’s, and Abercrombie and Fitch notable winners.