U.S. stocks shot higher after European Union leaders reached agreement on a nearly $1 trillion rescue package for their sovereign debt issues. The U.S. Federal Reserve also made comments indicating they would supply loans to overseas countries. The Dow Jones Industrial Average jumped 394 to 10,774. The S&P 500 Index gained 40 points to 1,161. The Nasdaq Composite surged 101 points to 2,366. Everything looks good today as the bulls push the shorts to cover. A majority of blue chips are up 3%, 4% or 5%. A few more upgrades as the analysts recover from the shell-shock od last week. In the financial sector Stifel, Genworth, Northern Trust, US Bancorp, and PNC were upgraded. All four up are up 4% or more. Moodys is down 10% on a downgrade and an SEC investigation. The techs look good. Yahoo and Intel are up 5% on upgrades. Some other upgrades include Nike, Cemex, Ensco, and Boeing. All are higher. On the earnings front Tyson Foods, Dish Networks, and Louisiana Pacific are higher after reporting numbers. After the first hour the averages remain strong with the Dow up 400 points. Only Walmart is lower in the Dow. The Nasdaq rose 94 points. Very few stocks are in the red. Dean Foods is the dog of the day down a whopping 25% after missing earnings estimates and suspending guidance. In the afternoon the Dow dipped a little, up only 360 points. The Nasdaq remained strong up 24 points. A few stocks are in the red including Walmart, BP, and Goldman Sachs. That's not a group Walmart wants to be in. In the last hour the averages sold off, then rebounded into the close. The Dow Jones Industrial Average finished up 404 points, or 3.9%, to end at 10,785, its biggest gain since March of 2009. The S&P 500 rose 48 points, or 4.4%, to 1,159.73, also the biggest gain since March 2009. The tech-heavy Nasdaq Composite gained 109 points, or 4.8%, to 2,374., its first triple-digit gain since Oct. 2008.
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