We close out the week with yet another zig-zagging session as stocks rose on the possibility of a deal between Greece and its creditors. The tech-heavy NASDAQ suffered today thanks to mixed data out of China and disappointing earnings from Micron (MU). China’s Shanghai Composite crashed by 7.4% overnight for the biggest drop since January 19^th and the biggest point decline in more than seven years. Analysts attribute this weakness to a large batch of IPOs, tighter cash supply and general anxiety about the direction of economic policy in China. Meanwhile, the US Supreme Court gave the market another boost today as the court ruled with a 5-4 decision that same-sex couples can legally marry in all 50 United States. From an economists’ stance, this news means good news among consumer spending, especially in the housing sector which has already started to show some strength.

The economic calendar closes out the week fairly light, however there was one more report giving the market a nudge. Overall market optimism is much stronger in 2015 based on the University of Michigan’s Consumer Sentiment Index, which jumped well above consensus estimates for a final June reading of 96.1. This is well above the highest economist estimate of 95.2 and much stronger than the 94.6 mid-month flash estimate. The jobs market is looking much stronger thanks to a surge in the expectations component, which came in at 97.8 for a 12-year high and an 11-point jump from the mid-month readings and a 13.6-point surge from the final reading in May. This 13.6-point spread is the largest monthly gain in expectations since way back in March 1991. Current conditions also showed a strong move to 108.9 compared to 106.8 from the mid-month reading and a 100.8 final reading in May. This component was slightly higher in January, but the 8.1-point gain from May was the strongest gain in current conditions since December 2013. Gains in this component point to stronger consumer spending and jobs data over the May-to-June period. Another surprise was that this gain in the index is not triggering any inflationary expectations which, compared to the final reading in May, are lower for both the 1-year and 5-year outlooks at 2.7% and 2.6%, respectively. Although these are higher than the Fed’s 2.0% target, both readings are still very low for this report. Overall this report is fantastic, with other positive indications on the consumer sector, including jobless data and spending. According to this data, into the rest of 2015 the consumer should be earning more, spending more, and driving the economy higher.