The GDP is clearly in positive territory (in fact +3.1% is the expected reading for this Friday's report). And even with soft patches here and there it continues to expand at a reasonable enough rate to promote earnings growth.

When you combine that with the 10 year treasury paying a paltry 1.7%, then just the 2% dividend yield on the S&P 500 is reason enough to climb onboard stocks. Long story short, it's best to remain bullish until there are higher odds of a recession on the horizon. PMI Mfg Flash Index dropped to 52.0 versus 54.9.

Asian stocks closed lower led by a 2.57% decline in Shanghai, as China's Markit Flash PMI came up just short of expectations.

In Europe, Germany's Markit Flash PMI sank into contraction mode (i.e. a reading below 50) for the first time this year.

Consumer spending, which alone accounts for roughly two-thirds of GDP, rose at a 3.2% annual pace, the fastest pace since the end of 2010.

At first glance, that's pretty remarkable, since most workers saw their take-home pay drop in January, following the end of the payroll tax cut.

Meanwhile, cuts in government spending, mainly related to defense, dragged on the economy in the first quarte

The world's largest economies are losing momentum.

Recent data shows slowing growth in the United States and China, while Europe's recession is still underway. Japan has announced a massive stimulus program, but it's not likely to grow much this year either.

Job growth waned, the housing recovery lost some steam and consumers cut back on spending in March. New data released Tuesday shows American factories reporting their weakest growth in six months in April.

The government's across-the-board spending cuts have only just begun, and will total $85 billion through September. They're expected to prevent the U.S. economy from growing beyond 2% this year.

Across the Pacific, China's manufacturing sector also reported weaker growth. That disappointing news follows earlier reports showing that the broader Chinese economy grew at a slower pace in the first quarter.

Part of the problem there comes from weaker global trade. Whenever the U.S. and Europe are slow, the domino effect hurts Chinese exports. Chinese authorities have also been reluctant to stimulate their economy, amid concerns about rapid credit growth and fears of a property bubble.

The euro zone is still stuck in a recession. Even Germany, the largest of the European economies, saw its services and manufacturing sectors contract in April.

Japan is the exception to the other large economies, in that the country recently launched a large stimulus program known as "Abenomics," the brainchild of Prime Minister Shinzo Abe includes large public spending programs and easier monetary policy from Japan's central bank.

What do the Economic Reports reveal about the state of the economy?

1. Boston Marathon Bombing aftermath: April 15, 2013
   
   
2. GDP report shows U.S. economy growing 2.5% in first quarter.
   
   
3. U.S. existing-home sales decline in March. U.S. new-home sales rise 1.5% in March
   
   
4. U.S. consumer sentiment falls to three-month low.

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