U.S. stocks opened higher on Wednesday after the monthly ADP employment report offered encouragement ahead of Friday's payroll report from the Department of Labor. The Dow Jones Industrial Average rose 50 points to 12,329. The Standard & Poor's 500 Index climbed 6 points to 1,326. The Nasdaq Composite Index climbed 15 points to 2,772. Another rally to start the day. This market doesn't want to go down. A biopharmaceutical company, Cephalon is jumping 27% thanks to a hostile bid from a rival firm. A mystery investor offered bids for airline firm AMR and Eastman Kodak, however, Wall Street isn't taking the offers too seriously. The commodities continue their ascent higher. The fertilizers, oils, steel, and copper plays look good. Rare earth metal play, Molycorp is up once again on news they are working with the US Department of Energy. The techs look good this morning. Corning and Hewlett Packard received positive analyst comments. Apple is one tech that in the short term can't seem to get going. One analyst cut numbers on a possible delay of the Iphone 5. I wouldn't expect this to be a big issue. The retail sector is performing well. Jos. A Bank is up 4% on earnings. Family Dollar is higher after beating earnings estimates. Amazon is up 2% on an upgrade while Gamestop is unchanged on an upgrade. After the first hour the Dow remained right where it started the day. Dow components Alcoa, AT&T, Verizon, Caterpillar, Chevron, Coke, and Pfizer all made new 52 week highs this morning. Two other former Dow components Altria and Philip Morris are also at new highs. The Nasdaq gave up some of its gains as Apple drifted lower. Through the morning the Dow drifted higher as the financials perked up on indication some of the Dodd Frank bill may get revised. Goldman Sachs is up a percent. Blackrock is jumping 5% due to the announcement they will be added to the S&P 500. That's a good thing. In the afternoon the Dow rose 100 points inching within 15 points of the yearly highs. I guess that's it for the correction. In the last hour the averages succumbed to a little profit-taking into the close. The Dow Jones Industrial Average finished up 71 points at 12,350, led by a 2.2% rally in AT&T. The S&P 500 rose 8 points to 1,328, with a 1.4% rise in telecom stocks, but all 10 industry sectors finished higher. The Nasdaq Composite gained 19 points to 2,776.
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