U.S. stocks on Friday began sharply higher after European Union leaders agreed to moves intended to bolster the economies of the region's more troubled nations. The Dow Jones Industrial Average rose 175 points, or 1.4%, to 12,777. The S&P 500 added 20 points, or 1.5%, to 1,349. The Nasdaq Composite climbed 48 points, or 1.7%, to 2,898. It's the end of the quarter and what a way to end it with the beaten down sectors like materials, energy, and industrials surging 2%. The price of oil is surging 5% along with plenty of other commodities. Copper play, Freeport McMoran is jumping 3%. The financials are bouncing back smartly today. Credit Suisse is up 5% as they reiterated they will be profitable for the quarter. Deutsche Bank is also up 5% while Barclays keeps pushing lower on the Libor scandal. The big US banks are higher. Bank of America is higher by 3% ranking it the top gainer for the Dow year to date. The housing market continues to shine. It was Lennar jumping the other day thanks to better than expected earnings. Today its' KB Homes higher by 5% due to strong earnings. The techs are putting on a good show. Google, Apple and IBM look good. Oracle is up 3% on an upgrade. The dog of the day, the dog of the quarter, and the dog of the year is Research in Motion. The company reported dismal earnings last night as customers flee the blackberry phone. Its' feast or famine in the smartphone sector. One recent hot sector struggling today is retail. Nike is down 11% on disappointing earnings. Up until yesterday, Nike had been on a roll. Surprisingly, competitors Under Armour and Dicks are trading higher. Ford is down 4% on disappointing sales out of Europe. Finish Line is up 7% following earnings while gun maker, Smith & Wesson is jumping 15% on earnings. Vail Resorts and Saks are higher on upgrades. Accenture is higher by 3% on earnings. Through the first hour the Dow rose over 200 points while the Nasdaq improved by 57 points. Through the morning the averages remained strong near the highs of the day with most sectors performing well. Defensive sectors like utilities and telecom are quiet today. Retail is still mixed. During the lunch hour a few more stocks fell into the red including Facebook, JP Morgan, and the utilities. Ford is weaker down 5% dragging GM with it. A couple HMOs, Unitedhealth Group and Wellpoint are lower once again following the Supreme Court Decision regarding Obamacare. Heading into the last hour the averages remained strong near the highs of the day. The Nasdaq is up 80 points or 2.75%. Oil is jumping 7%, one of the biggest one day rallies in history. The energy, materials, and industrials are all performing great. Amazing day. In the last hour, no sell off. A great way to end the month and the quarter. Up 3.9% for the month and off 2.5% for the quarter, the Dow Industrials rose 277 points, or 2.2%, to 12,880. The S&P 500 added 33 points, or 2.5%, to 1,362, leaving it with a 4% June gain and down 3.3% for the quarter. The Nasdaq Composite rose 85 points, or 3%, to 2,935, up 3.8% for the month and down 5.1% for the quarter.
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