The markets rallied today as investors seemed optimistic about Spain's budget deal as well as the possibility of China's stimulus plan.
In a hopeful sign for the economy, the number of Americans filing first time unemployment benefits fell 26,000 last week to a seasonally adjusted 359,000, according to the Labor Department. The four-week moving average for new claims fell to 374,000.
The Commerce Department is reporting a sluggish expansion of the US economy, at a 1.3 percent annual rate, falling short of economists' expectations of 1.7 percent. Also from the Commerce Department this morning, durable goods orders fell 13.2 percent, while economists were expecting just a 5 percent decline.
On the M&A front, Sealy (ZZ) announced it would be acquired by Tempur-Pedic International (NYSE:TPX) in a deal worth about $1.1 billion, including debt.
Tomorrow, we'll take a look at the consumer sentiment report as well as earnings from Walgreen (NYSE:WAG).
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