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Earnings season is upon us and so far so good. Better than expected earnings from Intel and JP Morgan are helping push the S&P 500 above 1,200 for the first time since late September 2008. The Dow Jones Industrial Average added 31 points to 11,050. The S&P 500 Index rose 4 points to 1,201. The Nasdaq Composite climbed 15 points to 2,481. Intel and JP Morgan are both jumping 3% to new highs. Intel received at least four upgrades. Both the tech and financial sectors are performing great with plenty of new highs. In the tech sector Apple is at new highs after running out of iPads. Kulicke & Soffa is jumping 19% to new highs after raising forecasts. Ericcson, Redhat, and Microsoft are higher on upgrades. With the financials Bank of America, US Bancorp, JP Morgan, and Wells Fargo are at new highs. UBS and Goldman Sachs are higher on upgrades. Even the retail banks are higher after getting hit yesterday. In the retail space AnnTaylor, Lowes, and McDonalds are higher on upgrades. Family Dollar and Hot Topic are higher after Cramer recommended them. After the first hour the averages remained strong near the highs of the day. The financials and techs look great. One sector not participating are the fertilizer stocks following Goldman Sachs comments indicating pricing weakness. Through the morning and into the afternoon the averages crept higher led by the techs and financials. Research in Motion moved into the green after announcing a billion dollar buyback. In the middle of the afternoon the averages pushed to new highs following better than expected economic activity released in the Fed's Beige Book. The financials and techs keep pushing higher. One tech not rallying is Google ahead of earnings tomorrow. In the last hour the averages pushed to new highs with the Dow rising 100 points. The Nasdaq rose 37 points. A real bull market. The Dow Jones Industrial Average finished up 103 points at 11,123. The S&P 500 Index closed up 13 points at 1,210, its first finish above 1,200 since Sept. 26, 2008. The Nasdaq Composite Index gained 38 points at 2,504.
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