DJIA / Market Close for Tuesday, May 31, 2011

After the close…

We have GAME up +2.9%, LGF up +2.0% and PVH up +1.9% following their earnings reports.

Dow closed up +128.21 at 12569.79, Nasdaq +38.44 at 2835.30 and S&P 500 +14.10 at 1345.20

The major market averages ended with solid gains, finishing at their best levels of the session. Early strength was attributed to news of Germany leading a second bailout for Greece. Overseas strength continued into the U.S. session with markets opening higher by more than 1.0%. Shares were knocked off their opening levels after disappointing Chicago PMI and Consumer Confidence numbers were released. However, stocks rallied to their best levels in the final 30 minutes of trading.

After the close, notable stocks reporting earnings include LGF, GAME and PVH.

Futures are higher after hours with S&P 500 futures up +0.23 from fair value of 1343.97 and Nasdaq 100 futures up +3.14 from fair value of 2371.86.

Tomorrow morning before the open, there are three economic reports scheduled to be released: 1) MBA Mortgage Index (Consensus NA), 2) Challenger job Cuts (Consensus NA) and 3) ADP Employment Change (Consensus 170K).

Also tomorrow before the open, notable stocks expected to report earnings include DAKT, DG, and VIP.

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