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U.S. stocks scream higher thanks in part to the US greenback falling against other major currencies after the Fed announced their quantitative easing. The Dow Jones Industrial Average jumped 102 points to new highs for the year at 11,317. The S&P 500 gained 12 points to 1,210. The Nasdaq Composite climbed 31 points to 2,572. The weak US dollar is bolstering commodities as well as natural-resources. Freeport and Cliffs Natural Resources are both jumping 4% this morning. Many of the oils are surging. Suncor is up 8% following earnings. Apache is up 4% following earnings. Rowan and Devon Energy are both up 2% on upgrades. Noble Energy is up 3% on its' ex-dividend date. Frontier Oil is up 5% following earnings. Transocean is one of the few oils lower following in line earnings. Potash is down 4% after the Canadian government rejected BHP's takeover offer. Agrium is down for a second straight day following disappointing earnings. The techs look good. Google and Apple are higher once again. Intel is higher on an upgrade. Qualcomm is jumping 6% following earnings last night. Even the financials look good this morning as all the major banks are higher. Allstate is up 2% on an upgrade. Most of the retail sector is higher after reporting monthly same store sales this morning. Ross Stores is up 5% following earnings. Whole Foods is jumping 12% following earnings. After the first hour the Dow jumped 160 points. The Nasdaq rose 30 points. Almost everything is working this morning which makes me feel like we're near a short term top. At 11 o'clock, the Dow surged 190 points to 11400 as the President now indicated he is open to extending all the Bush tax cuts and not just for the middle class. The good news keeps coming. Through the morning and into the afternoon the averages remain strong with the Dow jumping over 200 points. One sector not participating in the rally is the high flying techs. Stocks like F5 Networks, Priceline.com, and Biadu.com are lower. In the last hour, the Fed made a statement implying the best capitalized banks will be allowed to raise their dividend once again. JP Morgan is jumping 5.5% on that news pushing the averages to new highs. The Dow Jones Industrial Average finished up 219 points to 11,434. The S&P 500 added 23 points to 1,221. The Nasdaq Composite climbed 37 points to 2,577.
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