U.S. stocks opened higher on Wednesday, extending gains into a fourth day, after a few industry giants reported results that bolstered sentiment. The Dow Jones Industrial Average rose 39 points to 11,059. The S&P 500 added 3 points to 1,173. The Nasdaq Composite climbed 10 points to 2,428. Better than expected earnings from Intel, JP Morgan, and CSX are adding fuel to the bull's case. CSX is jumping 4% helping lift the transportation average. Intel and JP Morgan opened higher, but are now pulling back. Linear Tech is down 4% after missing estimates. Goodrich is modestly higher on an upgrade. Plenty of upgrades and downgrades this morning. In the tech space Qualcomm, Intuit, Amazon, and Take Two Interactive are all higher on upgrades. Apple was not upgraded, but the stock made a milestone opening above $300 a share for the first time. Google is also higher. After the first hour the averages remain near the highs of the day although Intel and JP Morgan are now in the red. In the retail space Electronic Arts, Smithfield Foods, and Priceline are higher on upgrades. The commodities continue to rally. Through the morning the averages kept improving. The Dow rose over 100 points to within 130 points of the April highs. Ironically, two Dow components, Intel and JP Morgan are trading lower. The Nasdaq is up 25 points to within 60 points of the April highs. During the lunch hour the averages remained strong near the highs of the day. A number of stocks like Harley Davidson, Sandisk, and Hartford are higher on takeover rumors. The market maybe setting its self up for a pullback. In the last hour we did get some profit-taking into the close. The Dow Jones Industrial Average finished up 75 points at 11,096, marking its fourth consecutive session of gains and its highest close since May 3rd. The S&P 500 index rose 8 points to 1,178, lifted by its materials, industrials and energy sectors. The Nasdaq Composite rose 23 points to 2,441.
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