Manufacturing expects a surge
U.S. manufacturing is expected to grow next month for the first time since January 2008. Production and new orders jumped to their highest level in two years, while new export orders grew after shrinking for nine months. Construction spending unexpectedly rose 0.3 percent in June.
Sales improve for automakers
The government's Cash for Clunkers program has buoyed the suffering auto industry. Ford's Fusion, Escape and F-series pickup helped the automaker report its first monthly sales increase in nearly two years. Korea's Hyundai could pass Chrysler and Nissan in sales for the first time ever.
A disproportionate number of companies beat Wall Street expectations in the latest earnings season, helping boost major market averages, including the S&P 500, which climbed above 1,000 Monday for the first time since November. Emerging markets have soared to summer 2008 levels.