All 3 major averages were solidly positive to start the week Monday. Led by financials after positive comments by analyst Meredith Whitney targeting earnings this week by Bank of America (BAC) and Goldman Sachs (GS), the Dow Jones Industrials rose 185.16, or 2.3 %, to 8,331.68. The Standard & Poor’s 500 index jumped 21.92, or 2.5 %, to 901.05; the S&P’s best day since June 1. The Nasdaq composite index rose 37.18, or 2.1 %, to 1,793.21.

Despite the rare jolt in equity prices, energy prices stayed below the $60 a barrel mark. Benchmark crude for August delivery fell 20 cents to settle at $59.69 a barrel on the NYMEX as demand over the holiday weekend, usually the highest price mark of the year, saw little action. Prices have fallen roughly 19% since its peek 2 weeks ago.

Morning Outlook

World markets saw gains Tuesday following the rise on Wall Street ahead of earnings released by Goldman Sachs.

Overnight, Asian stocks tried to erase nearly all of Monday’s losses, with the Nikkei 225 stock average rising 211.48 points, or 2.3 %, to 9,261.81, while Hong Kong’s Hang Seng soared 631.10, or 3.7 %, to 17,885.73.

In Europe, the FTSE 100 index of leading British shares was up 23.54 points, or 0.6 %, at 4,225.67 while Germany’s DAX rose 37.04 points, or 0.8 %, to 4,759.38. The CAC-40 in France was up 18.90 points, or 0.6 %, at 3,070.98.

Wall Street looks to make it two in a row with futures pointing to a higher open in the U.S.; however there is a host of economic data today that could move the market. Dow Jones industrial average futures are up 44, or 0.5 %, to 8,303. Standard & Poor’s 500 index futures advanced 4.60, or 0.52 %, to 900.20, while Nasdaq 100 index futures gained 0.50, or 0.03 %, to 1,443.00.

Currencies and Commodities

The dollar rose 0.3448% at 93.288 yen in the currency market. The euro appreciated 0.19% to $1.40 while the pound advanced 0.6129% to $1.6327. Gold was flat at $923.30 an ounce, while silver was up 0.90% at $12.90. Light, sweet crude for August delivery jumped $1.06 to $60.75 per barrel on the NYMEX; a 1.78% advance.

Economic Calendar

8:30 AM
Producer Price Index: The PPI is a measure of the average price level for a fixed basket of capital and consumer goods received by producers. This is a great indicator of the future CPI as producers will eventually pass the costs onto the consumer. The consensus for the month of June was for an increase of 0.8%, with a 0.1% increase excluding food and energy. These figures follow a 0.2% rise in May.

8:30 AM
Retail Sales: measure the total receipts at stores that sell durable and nondurable goods. Consumer spending accounts for two-thirds of GDP and is therefore a key element in economic growth. The consensus is for a 0.5% increase in the month of June as we faced sharper unemployment and a lull in consumer sentiment. That figure is on par with the 50 basis point rise in May. The consensus range falls as low as 0.1%. and upwards of 1.0%.

10:00 AM
Business Inventories: The dollar amount of inventories held by manufacturers, wholesalers, and retailers. The consensus is for a drop in May of 0.8% as businesses stockpile less to match the weary consumer. In April, inventories fell by 1.1%, while wholesale inventories dropped an even steeper 1.4 % in the month.