The Dow's Up 125

The Dow is up 125 points (0.7%), the S&P 500 is up 10 (0.5%), and the Nasdaq is up 24 (0.5%).

The economic calendar was light this morning, with U.S. mortgage data showing applications grew 0.9% over the preview week, better than the modest decline that had been expected.

Two economic events are set for later today, with Janet Yellen set to speak at NYU's commencement at 11:00 am, and the minutes from the latest FOMC meeting set for a 2:00 pm release.

Equity Movers:

• Tiffany & Co. (TIF) is up 8% after reporting global sales that grew 13%.
• AstraZeneca (AZN) is up about 2% after The Wall Street Journal reported that one of the company's biggest investors is urging it to engage with Pfizer (PFE).
• Target (TGT) reported adjusted earnings that that fell 13.9% over the prior year, but shares of the embattled retailer are up about 1.2% after its same store sales fell less than had been expected.
• PetSmart (PETM) is down about 5% after a disappointing earnings report.
• eBay (EBAY) shares are down 1.5% after the company asked users to change their passwords due to a cyberattack.
• salesforce.com (CRM) is down 3% after its earnings report last night.