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U.S. stocks began Friday with robust gains as Italian bond yields fell following the Italian Senate's approval of austerity measures. The Dow Jones Industrial Average climbed 207 points to 12,101 with all 30 of its components gaining ground, led by Walt Disney, up 6.6%, after the theme-park operator reported quarterly profit that exceeded expectations. The S&P 500 Index added 17 points to 1,256, with financials gaining the most among its 10 industry groups. The Nasdaq Composite advanced 27 points to 2,653. It's been a pretty good week excluding Wednesday. All the sectors are performing well. The financials do well when Europe moves to the back burner. MetLife was downgraded, but the stock is higher. Region Financial is higher on an upgrade. The commodities are performing well outside rare earth stocks. They've come back down to earth. Molycorp is down 12% even though the company reported record blowout earnings. Sell the news. The techs look good except for a few. Apple sold out of their 4S iphones in Hong Kong in just three hours, but the news hasn't impressed investors. Apple is one of the few techs trading lower this morning. Nvidia is down a percent following strong earnings last night. The rest of the chips look good. Intel, Qualcomm, and Nvidia are higher by 2% this morning. Through the first hour the averages shot higher. The Dow rose 240 points. The Nasdaq rose 40 points. Disney is leading the Dow higher thanks to strong earnings. Brookfield Asset and DR Horton are higher following earnings. In the retail space, things are mixed. Dillard is down 6% even though they easily beat estimates. Tim Horton is up 3% on an upgrade. Activision Blizzard is lower even though their new video game is selling like hot cakes. Through the morning the averages remained strong near the highs of the day. Even Apple moved back into the green. About time. In the afternoon the averages continued to move sideways on light, light volume. The Dow remained up 270 points. The Nasdaq rose 50 points even with Apple back in the red. A great week if you exclude Wednesday.
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