U.S. stocks open modestly higher following a plethora of better than expected earnings this morning. The Dow Jones Industrial Average added 21 points to 12,502. Within the Dow, 3M looks good while Coke is one of the few components lower after missing estimates. The Standard & Poor's 500 Index climbed 4 points to 1,339. The Nasdaq Composite Index gained 5 points to 2,831. The earnings are flooding in with most companies easily beating estimates. The commodity space looks good. Cummins is jumping 6% after easily beating estimates. AK Steel and Arch Coal look good following earnings. US Steel and Valero are lower after earnings. Freeport and Cliffs Natural Resources are lower even as Cliffs is set to report on Thursday. Ford is leading the autos higher even though AutoNation is down 4% following earnings. Delta and US Airways, UPS, and Ryder are higher following earnings. So much for higher oil prices hurting the transports. The financials look good for once after some housing data. UBS is jumping 5% following earnings. E-trade is down 3% after earnings. In the retail space Coach, Hershey, Under Armour, and Netflix are lower on earnings. In the tech space Lexmark is a dog down 15% after missing estimates. Tellabs is also lower following earnings. Intel, Microsoft, Corning, and Google look good this morning. After the first hour the Dow improved rising 45 points above 12500 for the first time since 2008. The Nasdaq rose 8 points to 2837 retesting a three and a half year high. So far so good this morning. Through the morning and into the afternoon the averages pushed higher with the Dow rising over 100 points. The Nasdaq climbed 20 points. The only weak stocks are the recent highfliers. Netflix is down 8% following earnings. Other highfliers like Chipotle, VMware, F5 Networks, Under Armour, and Priceline are all lower today. Amazon is lower ahead of earnings tonight. In the last hour the major averages held their gains. The Dow Jones Industrial Average finished up 115 points at 12,595, lifting the blue-chip average back to a June 2008 high. The S&P 500 gained 11 points to 1,347, with industrials leading gains in all 10 subsectors. The Nasdaq Composite added 21 points to 2,857.
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