New job data is helping American markets as 55,000 jobs were added to the private sector during May, while jobless claims fell. Tomorrow’s job data is expected to boost markets higher.

Euro jitters are still around though, and overgrowth in Asia was expected to dampen the markets.  World wide factory activity grew this month however, with  only Greece and Hungary contracting. India, Japan, Ireland, Turkey, Switzerland and the Czech Republic experienced positive growth from April.

A mix of large retailers like Macy’s, Target, and Gap reported positive growth, but fell just beneath Wall St. expectations.

Meanwhile JP Morgan was fined a record $49 million by the British Financial Services Authority, for not keeping separate its clients monies separate from the firm’s.  If these funds aren’t kept separate, then it is impossible for clients to have their funds returned if a bank fails.

It seems as though a double dip recession will be avoided, for now, at least. The Fed will likely keep interest rates at zero until early 2011. Growth continues slowly, and hopes that inflation will rise may promote action on the part of the Fed to raise interest rates.

Market trends are climbing back to normal, but slowly.