The stock market is on a roll but will it continue today? Traders pushed the major Wall Street indexes higher yesterday for a second straight day. The gains were decisive. The Dow Jones industrial average jumped 150 points, or 1 percent, to 14,910. The S&P 500 rose 15, or 1 percent, to 1,603. And the Nasdaq composite index gained 28, or 0.9 percent. Wall Street looks set for more gains this morning based on futures trading.
- International stock markets were mostly higher today after the U.S. said quarterly growth may be weaker than expected, raising investors' hopes that the Federal Reserve would delay plans to wind down its stimulus program. Benchmark crude oil rose above $96 a barrel. The dollar gained against the yen and fell against the euro.
- A market-moving report due out today is from the Labor Department. It's the weekly jobless claims number. Also today, the Commerce Department releases personal income and spending for May. Traders will gain some insight into housing when Freddie Mac reports the weekly mortgage rates and the National Association of Realtors releases the home sales index for May.
- European Union leaders meeting in Brussels have gotten a boost from a hard-fought deal on how to pay for future bank bailouts. But their efforts to end the spiral of financial and economic troubles face other obstacles. Unemployment is at a record high, particularly for the young. And a growing dispute between France and the EU leadership is highlighting other divisions.
- Dish Network is withdrawing its offer to buy wireless network operator Clearwire. The satellite TV provider says the bid had the option to be withdrawn based on Clearwire's recommendation. Last week Sprint raised its offer to buy the portion of Clearwire it doesn't already own. Clearwire's board recommended that shareholders accept the new offer.