The ISM Manufacturing Index rose to 61.2 in May, narrowly beating the consensus expected 61.0. (Levels higher than 50 signal expansion; levels below 50 signal contraction.)

Later this week we’ll get an update on real GDP growth for the 4th quarter of 2020. We estimate that’ll be revised up to a 4.3% annual rate of growth from a prior estimate of 4.0%.

Ever since the stock market bottomed in 2009 during the financial crisis, people have been coming up with reasons why the bull market was about to end.