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U.S. stocks opened slightly higher on Wednesday, with financial shares and the techs in the lead. The Dow Jones Industrial Average rose 14 points to 10,578. The S&P 500 Index climbed a point to 1,142. The Nasdaq Composite gained 4 points to 2,345. Within the financials Citigroup is up 4% as investors warm up to the stock. Dick Bove believes the stock will reach $7 in the next several years. Cramer recommended JP Morgan last night. Metlife is up 2% on an upgrade and raised estimates. Based on next years earnings, Metlife is trading for 7.6 times earnings. Not bad. In the tech sector Apple is up once again. Google is higher. Baidu is higher on an upgrade. The chips look good. Micron was upgraded. Broadpoint Amtech upgraded Microsoft and Research in Motion. F5 Networks is higher on rumors of a takeover. A number of takeover rumors within the commodity space including Terra Industries, CF, Potash, and Mosaic. The retail sector is one sector struggling today. J. Crew is down 4% following earnings last night. Childrens Place is lower following earnings while American Eagle is higher on in-line earnings. After the first hour the Dow rose 30 points. The Nasdaq improved by 16 points. So far so good. Through the morning the averages went no where, but the techs, financials, and a number of commodities look great. During the lunch hour the Dow sold off on rumors that China would have a to slow their economy down due to inflation. In the afternoon the Dow held near the unchanged level. The Nasdaq remained strong. Google kicked it into higher gear, jumping nearly 3%. The Dow Jones Industrial Average finished up 2 points at 10,567. The S&P 500 Index rose 5 points to 1,145. The Nasdaq Composite Index climbed 18 points to 2,358.
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