U.S. stocks soared early Tuesday to step into a third straight day of gains as hopes Europe will act to tackle the region's debt crisis sparked further buying, with financials and energy shares leading an across-the-board charge. The Dow Jones Industrial Average gained 213 points, or 1.9%, to 11,257, with JPMorgan Chase up 4.3%, while Chevron Corp climbed 3.8% and Exxon Mobil added 2.5% on the back of a strong rebound in crude-oil futures. The S&P 500 Index added 20 points or 1.8% to 1,183 and the Nasdaq Composite advanced 37 points or 1.5% to 2,553. The rally continues on hopes the European's are getting a handle in their credit crisis. The financials are in the lead once again as the hardest hit sector. The commodities are also displaying a nice rebound after getting clobbered last week. Potash is up 5% on an upgrade. Cliffs Natural Resources is up 2.5% on news they will spin off non-strategic resources. Freeport McMoran is up 5% after dropping 25% last week. The oil drillers are up over 2% on analyst upgrades. The techs look good, but not up as much as the other sectors. Apple is rebounding after getting hit yesterday. An analyst upgraded the stock with a $500 price target. Yahoo is modestly higher on an upgrade. In the retail space, Walgreens is down 3.5% following earnings. One analyst made cautious comments on a number of specialty retailers, but they are all trading higher. Sanderson Farms is up 4% on an upgrade. VF Corp, the conglomerate of retailers like Lee, Wranglers, Vans, and North Face, made a new 52 week high today. Through the first hour the averages moved higher. The Dow jumped 250 points. The Nasdaq rose 45 points. A large part of this rebound is a short-covering rally and quarter end window dressing, but there are some buyers stepping in to take advantage of the low valuations. Through the morning and into the afternoon the averages remained strong with the Dow rising as much as 300 points and the Nasdaq rising 52 points. Even with the run up, the financials have scaled back their gains. Meredith Whitney lowered estimates dramatically on Morgan Stanley and Goldman Sachs for the quarter and for 2012. That's not lending support. In the commodity space, rare earth metal company Molycorp is jumping 11% after the CEO went on TV to defend their company. In the last hour the rally started to fizzle as Apple fell into the red and a number of financials gave up their gains on news out of Europe that maybe everyone is not on board for a solution to their crisis. Here we go again. The Dow Jones Industrial Average finished up 146 points, or 1.3%, at 11,190, led by a 3.9% rise in Hewlett-Packard. The S&P 500 ended up 12 points, or 1.1%, at 1,175 led by natural resource and materials stocks. Utilities and financial sectors lagged. The Nasdaq Composite rose 30 points, or 1.2%, to 2,546.
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