Dow closes above its highest level since 2007 $SHLD:xnas

The US market rallied overnight to multi year highs after US manufacturing data bolstered optimism in the worlds biggest economy
All 10 S&P500 sectors rallied on news that Factory Output for April unexpectedly rallied form 53.4 to 54.8, beating the 54.0 consensus
Corporate earnings continue to impress with about 75% of S&P500 companies beating earnings expectations. Sears Holdings Corp rallied 15% overnight after announcing strong Q1 profit and the spin off of its Hometown and Outlet stores into a separate entity
US Auto Sales remained strong in the first quarter adding 1.12% to GDP or roughly half the 2.2% quarterly gain. Chrysler led the major manufactures with sales climbing over 20%
Leading the gains on the Dow was AA, BAC, INTC and JPM each rallying 2.47%, 2.47%, 1.95% and 1.88% respectively
DOW +0.50%, S&P500 +0.57%, NASDAQ +0.13%
EURUSD rested 1.3200 before recovering. AUD weaker on RBA cut
Gold held around the 1660.00 level while Oil tested USD107.00p/b