The latter half of this week before Friday's market open is perhaps not the best time to gauge the U.S. stock market's strength.

And the reason is obvious enough: look for institutional investors (IIs) to take some money off the table ahead of Friday's non-farm payroll employment report for October from the U.S. Labor Department.

Now that the U.S. economy is growing -- GDP grew at a 3.5% annualized rate in Q3, according to U.S. Commerce Department data, one key question for investors large and small is: Is the U.S. economic expansion sustainable?

Investors can immerse themselves in data on consumer spending, retail sales, new home sales, auto sales, and factory output etc., and all of those provide clues, no question. But if you're time-pressed and you want one metric to gauge the U.S. economy's likely health 6-9 months from now, monitor: monthly non-farm payrolls, as tallied by the U.S. Labor Department. I.E., how many jobs the U.S. economy lost or created in the previous month.

We've watched stock market numbers bounce around for two years. Unemployment stats have served as unpleasant reminders that, for some, leading indicators haven't translated to reality. We look for so many ways to understand the brutal economic environment with which we've had to contend, and all the choices can make your head spin. So, let's make it simple. Here are eight ways to tack a label onto the financial world in which we live.

1. Lost market value
Total stock market losses from October 2007's top to March 2009's bottom: $11.2 trillion
Total gains in the stock market since the bottom: $4.6 trillion
Lost ground: $6.6 trillion

2. Bad days
Percentage of the 10 worst days in history for the Dow Jones Industrial Average that happened in 2008, by point drops: 60%
Percentage of the 10 worst days in history for the DJIA that happened in 2008, by percentage drops: 30%

3. Mutual funds
Value of mutual fund assets at the end of 2007: $6.5 trillion
... and a year later: $3.7 million
Lost value: $2.8 trillion

But, it got a little better at the end of August 2009: $4.5 trillion (value of assets)

The market was able to stage a late day rally which erased some of its earlier losses, but still ended the day in the red, with all 3 major indexes closing down on the day.

September is typically not a good month for the market, but even with today's losses this September was positive, as more and more investors have started to believe the economy is coming out of its recession.

This is the era of "naming rights" and specialized promotions, such as "XYZ Company is the sponsor of tonight's weather forecast," but a name change for the Dow Jones Industrial Average? Please.

The DJIA's name could change if parent News Corp. (NYSE: NWS) follows through and sells its stock-index business, Bloomberg News reported. Goldman Sachs (NYSE: GS) has been hired to evaluate potential deals.

U.S. stock markets are poised to rise today as more and more positive data convinces Wall Street that the economic recovery is for real.

Futures for the Dow Jones Industrial Average, the Nasdaq Composite Index and the S&P 500 Index were all indicated higher following a rally in overseas markets. Germany's Dax, France's CAC-40 and the U.K.'s FTSE 100 all posted strong gains. Japan's Nikkei 25 also rose while China's Hang Seng declined.

For those looking for silver linings, there are plenty to choose.

As Melly Alazraki noted earlier today, McDonald's Corp. (NYSE: MCD) is one of many heavy hitters to take the earnings stage today. Unfortunately, the fast-food firm didn't exactly impress with its latest quarterly figures; the company struggled under the weight of weak sales during the month of June, and saw its second-quarter profits slide 8% year-over-year as a result.

Specifically, the Big Mac parent raked in net income of $1.09 billion, or 98 cents per share, compared to its year-ago results of $1.19 billion, or $1.04 per share. Excluding a one-cent gain, earnings weighed in at 97 cents per share. McDonald's reported that strength in the U.S. dollar negatively impacted its quarterly results by about 9 cents per share.

When oil lost almost $3 a barrel, stock futures indicated a lower opening for today. Just shy of 5 AM, S&P 500, Down Jones, and Nasdaq 100 futures were all off 0.9%. The drop in oil to $64 a barrel has called into question any projections of a quick economic recovery -- as if high unemployment weren't enough. The Monday after any long weekend is hard, and this one's going to hurt.

The direction in which futures are pointing continues Thursday's equity declines in the United States, bringing the S&P 500 its third consecutive weekly loss. For the day, it lost 2.91%. The Dow Jones Industrial Average lost 2.63% of its value, with the Nasdaq Composite Index giving up 2.67%. Year-to-date, the DJIA is down 5.6%, the S&P 500 down 0.8%.

Equities stabilized today after two relatively large selling waves in equities. It even looks like we only had a 1% trading range in the DJIA from top to bottom today. The housing data might have helped marginally, but that was actually negative data if you dig down into the numbers.

The hope for a return to growth is starting to see a bit of what may be reality setting in now that even Mr. Obama expects double-digit unemployment to become a reality. It seems that the rise in oil actually helped to keep equities higher. Here are today's closing bell levels:

Dow 8,322.46 -16.55 (-0.20%)
S&P 500 894.99 +1.95 (0.22%)
Nasdaq 1,764.92 -1.27 (-0.07%)

Top upgrades and downgrades

On Monday the Dow Jones Industrial Average dropped more than 200 points before closing a little better. No real reason for it. Pundits suggested the drop in commodity prices (oil and gold were down a little, not enough to comment on) were the reason for the dip, suggesting the economy may not be as robust nor inflation as big a problem as thought on the Friday before.

But here's the real scoop: the market has rallied well beyond a level where economic numbers justify.

TheStreet.com's Jim Cramer says that it's the most conservative player in an industry filled with gunslingers.

The keepers of the Dow Jones Industrial Average must have felt insurance-less after the defrocking of AIG (NYSE: AIG) (Cramer's Take), so it's fitting that they added Travelers (NYSE: TRV) (Cramer's Take) to the list, even as I would have preferred Ford (NYSE: F) (Cramer's Take) or Apple (NASDAQ: AAPL) (Cramer's Take).

They needed a financial that wasn't a bank and there aren't many out there that still trade at anything but desperate levels or weren't saved by the government.

After weeks of speculation - Apple! Amazon! Nike! Toyota! -- all became clear today when General Motors Corporation's (NYSE: GM) exodus from the Dow Jones Industrial Average (DJIA) made room for... Cisco Systems, Inc. (NASDAQ: CSCO). While perhaps not as sexy a name as, say, Apple, Inc. (NASDAQ: AAPL), it does add one more tech name to the venerable 30-stock average.

Wall Street Journal Managing Editor Robert Thomson released a statement noting that CSCO made the cut "because its communications and computer-networking products are vital to an economy and culture still adapting to the Information Age -- just as automobiles were essential to America in the 20th Century." So there's the connection!

Cisco (NASDAQ: CSCO) is recently up 67 cents to $19.88 in pre-open trading. CSCO will replace General Motors (GM) in the Dow Jones Industrial Averages -- DJIA. CSCO June option implied volatility of 36 is below its 26-week average of 47, according to Track Data, suggesting decreasing price movement.

Travelers (NYSE: TRV) is recently trading at $41.87 in pre-open trading, above its close of $40.66. TRV will replace Citigroup (NYSE: C) in the DJIA. TRV June and July option implied volatility of 37 is below its 26-week average of 54, according to Track Data, indicating decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

In an earlier post I said that the lows of March 9 should be retested. If at that point the March 9 lows hold and a second rally begins, you would have a W bottom which is more powerful than just a single bottom.

David Rosenberg, chief economist at Gluskin Sheff + Associates is of the same mindset but more from fundamental standpoint. His main theme is that consumer spending did not pick up and is keeping the economy in the doldrums.

The market is down again today and there are millions of people trying to figure out why. Some will tell you they know why and give you a plausible rationale. There may be bits of truth here and there but there is also an arbitrary nature too. If not arbitrary, then haphazard.

The market may be down because nobody in Washington - Obama, Benanke or Geitner - made a speech today pounding the drum for a brighter economic outlook.

It could be because oil prices have been slowly rising again as inventories are drawn down.