Stocks are surging.
The Dow is up 101 points, the S&P 500 is up 13 points, and the Nasdaq is up 39 points.
The market rally comes despite a run of some less-than-stellar economic data from the U.S. and around the world.
Overnight, Japan reported second quarter GDP that fell 6.8% on an annualized basis. The drop was expected, as Japan enacted a new consumption tax in April, but is still a severe decline for the world’s third-largest economy, which grew 6.1% annualized in the first quarter.
In the U.S., home mortgage applications fell 2.7% for the week ending August 8, according to the latest report from the Mortgage Bankers Association.
Retail sales in the U.S. disappointed, showing no growth in July compared to June, missing economists’ expectations for a 0.2% gain. “A bit disappointing but the trend is OK and August should be better,” said Pantheon Macroeconomics’ Ian Shepherdson.
In stock news, SeaWorld shares are crashing, falling nearly 30% after the company reported disappointing earnings and revenue as the company deals with flagging attendance and PR fallout from CNN’s controversial “Blackfish” documentary.
John Deere reported disappointing earnings, and shares of the agricultural giant were down 1%. The company also provided a great snapshot of the state of global agriculture.
Macy’s shares were also down more than 4% after the retailers earnings and outlook disappointed.
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