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Current Futures: Dow +187.00, S&P +24.20, NASDAQ +43.20

Global markets surged higher helped, again, by earnings reports, which have fueled the global rally over the last two weeks of trading. 

The major U.S. and European indexes are trading at multi-month highs after a number of important companies reported better than expected earnings throughout the second quarter, and sales of previously occupied U.S. houses increased for the fourth month in row. On Thursday, S&P futures advanced 24 points, the most since April, and reached the highest valuation since early November 2008, although still over 40% lower than a year ago. 

At the same time, the German Dax traded near to the highest levels since November last year, while the U.K. FTSE is trading at 6-months high. In addition, the tech-driven NASDAQ is heading higher for the 12th consecutive day, the longest streak since 1992. 

The rally started after companies including 3M and AT&T reached analysts expectations, while EBay and Ford surprised the market with better Q2 earnings. Fifth Third Bancorp was among the top three gainers in the S&P index, after it reported a $1.15 per share profit, while the markets expected a $0.34 loss. Moreover, only 47 companies declined in the S&P 500, while in the Dow Jones Index all but three companies moved higher. The laggards included McDonald’s, which lost 4.85% after it disappointed the market with its Q2 results. 

Interesting enough, the equity rally had a very weak influence in the forex market, but helped most of the commodity markets advance on Thursday. Out of the 30 raw materials traded on exchange markets, only 8-moved lower today, from which the most declined less than 1%. Treasuries declined for a second day, as investors abandoned the safety of the Treasury market by the strong gains seen in the stock market. Yield on the 10-year note rose 13.5 basis points to 3.703%.

The Dow Jones Index gained 190.82 points (2.15%) to 9,072.08, while the S&P 500 index added 23.38 points (2.45%) to 977.45

Crude oil for August delivery was recently trading at $67.10 per barrel, up by $2.10. 

Gold for August delivery was recently trading higher by $0.80 to $951.70. 

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