The major averages finished last week higher and appear set to continue this trend at the open.
The big story of the morning, though not much of a surprise, is that General Motors filed for bankruptcy. The move was widely anticipated and markets around the world have generally shrugged it off. Meanwhile, as GM enters bankruptcy, Chrysler is close to exiting, only one month after filing for protection itself.
On the economic front, the week kicks off with the April personal income and outlays report, which showed a rise in income and a decrease in spending as consumers saved more. The April construction spending report and the May ISM manufacturing report are due at 10:00 ET. The pending home sales index will be release tomorrow, the weekly jobless claims report is on Thursday, and the week ends with the employment situation report.
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