U.S. stocks opened modestly higher on Wednesday after getting hit with its worst losses in nearly three months the prior day. Earnings keep flooding in better than expected. The Dow Jones Industrial Average rose 37 points to 11,029. The S&P 500 Index climbed 6 points to 1,190. The Nasdaq Composite gained 11 points to 2,483. Defensive stocks worked yesterday and defensive companies reported earnings today. Northrop Grumman and General Dynamic both reported better than expected earnings. Commodity stocks Hess, Southern Company, Dow Chemical, and Barrick Gold are all higher following better than expected earnings. Oil related companies Owens Corning, Norfolk Southern, and Jetblue reported. Owens is up 13% while Jetblue is down 7%. US Airways is up 5% on an upgrade. Ford is down 3% on a downgrade. In the retail space Ethan Allen, Dreamworks, Buffalo Wild Wing, Martha Stewart, and Sealed Air are all lower after reporting earnings. Jones Apparel is higher following earnings. In the tech space Corning, Tyco Electronics, Broadcom, and Tellabs are higher following earnings. Alegheny Tech and Flextronics are modestly lower following earnings. AOL is down 8% after missing estimates. Cisco is higher thanks to an upgrade. Google continues to move lower. After the first hour the Nasdaq was in the red. Even Apple is lower. The Dow is holding on to gains thanks in part the financials which are rebounding after a lousy Tueday. Congress grilled the Goldman Sachs executives for 10 hours yesterday, finishing up around 8:30pm. It's hard to feel bad for Goldman, but Congress found a way to do it. Through the morning the Nasdaq remained in the red while the Dow gave up most of its gains. A rating agency downgraded Greece's debt yesterday. Today S&P downgraded Spain's debt. Here we go again. During the lunch hour the averages recovered. In the afternoon the averages improved as the Fed left rates unchanged easing any investor fears. In the last hour the averages gave up some of the gains, then rebounded into the close. The Dow Jones Industrial Average finished up 53 points at 11,045. The S&P 500 rose 7 points to 1,191. The Nasdaq Composite rose 26 cents to 2,471.
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