Donny Caccamise and Tom Spence

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Donny Caccamise and Tom Spence

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I told you on Monday the world was not coming to an end.  Stocks are extending gains on Wall Street, which featured the biggest jump for the S&P 500 since November 2011. The big swings in the markets has indices moving back to just above breakeven at the open. (CNBC)

The government revised its second reading on second quarter GDP from an annual growth rate of 2.3% to 3.7%.  That is a big positive move for the economy and growth.  (Fox Business News)

Michaels reported second-quarter profits of $35.7 million, after reporting a loss in the same period last year. The arts and crafts store operator posted revenue of $984.3 million. Michaels shares have dropped slightly more than 3% since the beginning of the year. (AP)

Dollar General, the No.2 U.S. discount retailer by store count, reported a better profits, helped by strong demand for candy, snacks and tobacco products. Dollar General had about 12,000 stores. Profits rose 12.4% to $282.3 million. Dollar General's sales rose 7.9% percent to $5.10 billion. Same-store sales rose 2.8%. (Reuters)  

J.M. Smucker profits rose as cuts in prices of its coffee brands helped coffee sales in U.S. to rise for the first time in 11 quarters. The biggest U.S. roaster, considered an industry trendsetter, reduced prices for its Folgers and Dunkin' Donuts coffee brands by 6%.  Sales in the company's U.S coffee business rose 12%  in the quarter. Total profits rose to $136.4 million. Net sales at the company, also known for its Jif peanut butter and Crisco shortening rose 47.5%. (Reuters)  
 

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