this makes exports more ek pensive. it's still 6% off its highs of two months ago. emerging market economies have improved. south korea, vietnam, philippines, indonesia, all up double digits this year and the chinese economy, despite co mandated concerns has stabilized. hong kong is up 25%. stocks have been rallying beca the global economy has been improving. earnings for the s&p 500 companies are expected to be up 11% for the second quarter. stocks trade off of future earnings prospects. you can see this in rally for the dow. of the thousand pointns gains that we saw in the dow recently. boeing, mcdonald's, and caterpilla of the five have 50% of earnings overseas. only united health did not. for "nightly business report", i'm bob pisani at the new york stock exchange. >> so, how is the economic and financial stability we're seeing in europe this summer helping the u.s. market and investors? jeff is the chief b global investment strategist at charles schaub and joins us now to talk about that. welcome back. >> thanks. >> i was looking at one of you 20 economies are