U.S. stocks open modestly lower, similar to Tuesday, following one of the biggest year to date rallies yesterday. The Dow Jones Industrial Average fell 11 points to 8,605. The S&P 500 Index declined 3 points to 929 while the Nasdaq Composite shed 5 points to 1,857. One of the most anticipated earnings reports came in this morning from JP Morgan. The company easily beat estimates in a sign that the bank is well capitalized to get through this down turn. The rest of the banking sector is quite not far from the unchanged level. American Express received an upgrade this morning. Charles Schwab is down 2% on in line earnings. The news in the tech sector is mixed. Nokia is down 12% after missing estimates and a cautious outlook. Xilinx and Fairchild Semi are lower following earnings. Intel and EMC are higher thanks to upgrades. Google is modestly higher ahead of earnings tonight. The commodities are rebounding today. Fertilizer, Mosaic is up 9% on rumors of a buy out. After the first half an hour, the averages moved into the green. Disney is up 4% on an upgrade, helping lift the Dow Jones Industrial Average. Through the morning, the rally fizzled, then came back. A quiet day wouldn't be that bad. In the afternoon, the averages picked up steam particularly in the last hour. The Dow jumped 100 points before pulling back into the close. The Dow Jones Industrial Average finished up 95 points at 8,711. The S&P 500 Index added 8 points to 940 while the Nasdaq Composite surged 22 points, or 1.2%, to 1,885.
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