Markets Are Still In Rally Mode - Dow Up 110

The stock market is extending last Friday's rally with further gains.

The Dow is up over 100 points an hour into today's trading session.

The economic calendar is pretty light today. This afternoon, we'll get the Federal Reserve's latest reading of consumer credit balances.

After the closing bell, aluminum giant Alcoa will unofficially kick off earnings season with by announcing its Q2 financial results.

"Investors seem to be coming around to the view that stronger economic numbers mean a stronger economy as well as a Federal Reserve that will adjust policy appropriately," said UBS's Paul Donovan in a commentary titled "Rationality Returns."