Trading volume is light as we approach the Memorial Day weekend. The market is welcoming the stabilization sign out of emerging markets, but traders are quite disappointed at retail earnings, more so than the general earnings. Retail companies have been blaming the harsh winter weather for the lack of sales, but traders are no longer convinced by the excuse. Initial jobless claims rose more than analysts' forecast, but it's not statistically significant enough to drive the market and traders are slightly more optimistic about the job market now than earlier this year.

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