The major indexes closed higher yesterday after GM’s much-anticipated filing for bankruptcy and after signs of strength from China’s manufacturing sector. Today, stocks pulled back slightly at the open.
The schedule of events is light today. May auto and truck sales and pending home sales are the only things on the economic calendar. The financial sector is making headlines today. JPMorgan and American Express announced unexpected share sales yesterday to prove they can raise cash without the government’s backing, one of the conditions for repaying TARP funds.
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