The market is getting a boost from sentiment numbers climbing to their highest point since the recession began. Falling gas prices are getting most of the credit as they are helping to offset the softening labor market. The current economic conditions index jumped to 87.3 from 82.9 in April. Consumer expectations fell to 71.7 from 72.3. This is probably attributable to the labor market woes.
This was a much needed positive jolt this morning after markets were sent reeling on the JPMorgan news that they had lost $2 billion on their hedge trades.
The major indexes are all trading higher this morning with the Dow leading the way up 48 points. The Nasdaq and S&P are also positive, each up 21 and 6 points respectively. [Read more...]