Closing Bell: Here's What You Need To Know About Today's Huge Rally

First, your scorecard:

  • DOW: Up 70 points to 10,997, breached 11,000 for a short time.
  • S&P: Up 8 points to 1194.
  • NASDAQ: Up 17 points to 2454.

Today’s big gainers:

  • S&P 500: -Jacobs Engineering Group Inc (JEC): $47.61 / +7.52% -Abercrombie & Fitch (ANF): $49.98 / +6.57% -Lexmark Intl. Inc. (LXK): $37.32 / +4.48%
  • DJIA: -Chevron Corp (CVX): $79.50 / +2.37% -AT&T Inc (T): $26.44 / +1.61% -The Coca-Cola Company (KO): $54.59 / 1.54%

Now here’s what you need to know before you leave work today:

  • The Greek crisis is escalating even further going into the weekend. rumours suggest that the proposed European bailout of Greece is based upon 6% interest rates on three year loans. The EU also plans on charging Greece an additional 100 bps for any year greater than 3 the country takes loans for.
  • Howard Davidowitz has called the positivity over recent retail sales numbers the result of a “sucker’s rally.” “We’re in a bad place, heading for a worse place,” he added.
  • U.S. Supreme Court Justice Stevens has announced his retirement for this summer. Its likely to make President Obama’s attempts to pass both financial reform and energy reform difficult, as the polarising selection of a another Supreme Court Justice occurs just months before the November mid-term elections.
  • China car sales are showing just why oil has been on such a tear. China’s year-over-year growth in auto sales is now at 60%.
  • Chinese trade data is released tonight, and it may be an early weekend signal of where the yuan revaluation story will go by Monday. Trade imbalances with the United States will be a particularly important statistic to watch for.
  • Bonus: Workers at Carlsberg, the Danish brewer, are striking because of a reduction of how much free beer they can drink while on the job.

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