The Dow and S&P have been down for 5 consecutive days. They are up for the 1st time in 6 sections with solid gains of 1.25% and more. The NASDAQ index has been able to eke out small gains on a couple days this week. It is also up about 1.3% in early trading.

The gains come despite decent retail sales data this morning. Fed's Bullard did not necessarily endorse hundred basis point at the next meeting but did increases end of year target to 3.75% from 3.5% previously (which could be spread out into the year end).

A snapshot of the market currently shows:

  • Dow industrial average up 378 points or 1.22% at 31002
  • S&P up 45.4 points or 1.2% at 3835.34
  • NASDAQ index up 145 points or 1.31% at 11397.50
  • Russell 2000 up 19.39 points or 1.14% at 1726.89

Industrial production was weaker for the month of June this morning at -0.2% vs. 0.1% estimate. At 10 AM, business inventories are expected to rise by 1.3%. The University of Michigan sentiment index for July (preliminary) is expected to dip to 49.9 from 50.2 last month. One year inflation expectations came in at 5.4% last month. The current conditions index is expected 52.5 from 55.4 last month. The expectations index is expected at 47.0 vs. 46 point last month.