Stocks Are Rallying - Dow Up 120

Markets are higher on the first trading day of the third quarter and the second half of the year.

The Dow is up 119 points, the S&P 500 is up 12 points, and the Nasdaq is up 49 points, or more than 1%.

Today has seen another rash of economic data, headlined by U.S. auto sales for June, which are expected to roll in all day.

Some of the highlights from the auto report so far is GM's 1% sales increase, which topped expectations for a 6.3% decline. GM's report also comes after yesterday's recall of more than 8 million vehicles.

Ford's sales fell 5.8%, but this was less than the 6.6% decline that was expected.

The ISM's June manufacturing report came in at 55.3, which was below expectations for a 55.9 reading and slightly below the 55.4 reported last month.

Markit's final PMI survey for June came in at 57.3, lower than the preliminary reading of 57.5 but better than May's 56.4.

Construction spending in May climbed 0.1%, below expectations for a 0.5% increase.

GoPro shares are surging again, gaining as much as 16% to trade above $47.