Stocks surged after July jobs data beat expectations and investors found reason for cheer on Europe. Speculation that Spain might soon make a formal rescue request also bolstered sentiment, with Spanish borrowing costs falling to levels viewed as more sustainable. The U.S. economy created 163,000 non-farm jobs in July and unemployment rate edged up to 8.3%, both above expectations. Also, the ISM non-manufacturing activity index rose to 52.6 in July from 52.1 in June, with any number above 50 indicating expansion. Tech stock followed the broader market rally with LinkedIn surging 16% on stronger-than-expected revenue and raised its full-year outlook. Stocks are poised for a choppy week, as investors look to a string of economic reports for any signs of slowing growth that might spur the U.S. Federal Reserve or European Central Bank to take action. Investors will also get a read on global growth, as China is set to report its Consumer Price Index.
