Market: Don't worry, be happy

The Dow rose 187 points, its biggest gain in almost 11 months. A good-sized rebound seemed in the offing since early this morning when the government reported strong retail sales numbers for May (so much for worries about higher gas prices cutting into spending). Then came a rally in the bond market, which resulted in yields dipping a bit, and the Fed releasing a report that finds the economy is growing without serious inflation fears. The best description of what's going on comes from MarketBeat's David Gaffen: "It’s a period of skittish schizophrenia for the markets. Unlike the steady, two-month rally, which was numbing in its plodding efficiency, the current environment has a scattershot, Daffy-Duck-on-Quaaludes quality." That'll get you in cash real fast.