A wave of optimism lifted the market out of correction territory this week,fueled by bullish reports from Australia and Canada,as well as progress reported by retailers JC Penney,Macy's and others.Employment surged in Australia and Canada,while hot weather in the U.S. sent people into shopping malls,where they couldn't resist the bargains.This created hope that earnings season,which begins next week with Alcoa's report,would show stronger growth than had been feared.For the week,the Dow was up 5.3%,while the NASDAQ gained 5% and the S&P logged a 5.4% increase.
Golf fans are looking ahead to the British Open at St.Andrews' Old Course in Scotland,which begins next week.It is the third of the year's four Majors.St.Andrews is considered the home of modern golf and is a great favorite with the players.In baseball,the young Stephen Strasburg was pitching masterfully for the Washington Nationals tonight as they dominated San Francisco 8-1.He is showing he is no flash in the pan,justifying the high level of fan interest being generated by his talent.There's a real presence about him.Miami Heat basketball fans held a pep rally for the newly signed LeBron James and friends,broadcast live on ESPN.
The S&P futures were ascending 5.50 this evening,and bond futures rose as well.
JC Penney(JCP),Macy's(M)
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