U.S. stocks opened with strong gains on Tuesday with news out of Europe pointing toward a possibility of Greece staying in the EU. The Dow Jones Industrial Average rallied 88 points to 12,543, with all of its 30 components trading higher. The S&P 500 index gained 9 points to 1,326. The Nasdaq Composite climbed 19 points to 2,856. Similar to last Monday, the major averages are off to the races. The strength is coming from the beaten down sectors like materials and the industrial space. Goldman Sachs is trying to make a call in the coal space upgrading Peabody Energy. The stock is up 5%. Arcelor Mittal is higher by 5% as well. Conoco Phillips is jumping 2% on an upgrade. Caterpillar looks great. Copper play, Freeport McMoran is jumping 3% this morning. Rare earth play, Molycorp is up 3% on upgrade. A bull market in the commodity space. The techs are trading higher. Google, Apple, and IBM look good. Research in Motion is higher on news they may eliminate 6000 jobs. Broadcom is higher on an upgrade. Intel is higher on a positive Barrons article. In fact, Barrons wrote a second positive article on the tech sector and all the companies with large cash hoards. In the retail space, William Sonoma is up 2% on an upgrade. Sanderson Farms is down 2% following earnings. Through the first hour the Dow improved rallying 140 points. The Nasdaq rose 40 points. The utilities are trading lower. It's a risk on day. The one stock not participating in the rally is Facebook. The stock is down 5% to a new 52 week low. Through the morning the averages gave up some of their gains as the Euro dropped and the US dollar rebounded. The financials are higher but underperforming the major averages. One analyst downgraded the sector saying it would be a long cold summer for the big banks. A few more stocks have dropped into the red. Facebook is now below $30 down 6% to a new low. In the afternoon the averages slowly crept higher. In the last hour the averages almost made it back to the highs of the day, but on light volume. Crazy market. The Dow Jones Industrial Average finished up 125 points, or 1%, at 12,580, led by a 4% rise in Bank of America and a 3% rally in Caterpillar. The S&P 500 rose 14 points, or 1.1%, to 1,332. Materials and tech led sector gains; all 10 S&P 500 groups were higher. The Nasdaq Composite added 33 points, or 1.2%, to 2,870.
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