U.S. stocks opened higher Friday, with equities rebounding after a recent string of losses that came with a surge in crude prices. The Dow Jones Industrial Average rose 40 points to 12,108. The Standard & Poor's 500 Index climbed 7 points to 1,313. The Nasdaq Composite added 23 points to 2,761. Everything is rebounding this morning except for oil and oil related stocks. The money that fled the high flyer stocks over the last several days is flowing right back in. Salesforce.com, Decker Outdoors, Ancestory.com, Crocs, and Autodesk are all up over 3% following earnings. Plenty of upgrades this morning. In the commodity space Intrepid Potash, Potash, Agrium, and Goldcorp were all upgraded. All are trading higher. Potash split 3 for 1 this morning. Transocean is higher even though an analyst cut their estimates. Rowan is up 5% on earnings. The steel, iron ore, and copper plays are all higher. The financials look good this morning. Wells Fargo is up 4% on an upgrade. Fifth Third is up 3% on an upgrade. Bank of America is up 2% on an upgrade. Blackrock is higher after raising their dividend. AIG is modestly lower following earnings. In the tech space Intel, Adobe, and AMD look good thanks to upgrades. In the retail space Chipotle Mexican Grill and Cheesecake Factory are higher by 2% on upgrades. JC Penney is lower following earnings. After the first hour everything looks great. The Dow rose 65 points while the Nasdaq rose 38 points. The big question is, is today a one day bounce or is the correction over? We'll see. Through the morning the averages gave up half their gains only to rally once again in the afternoon. Through the afternoon and into the last hour the averages held on to their gains, but I'm not sure the correction is over. The Dow Jones Industrial Average finished up 61 points at 12,130, led by more than 2% gains in Intel and Boeing. For the week, the Dow lost 2.1%, its worst percentage drop since November and worst point drop since August. The S&P 500 rose 13 points, or 1.1%, to 1,319, led by a 1.4% gain in financials. It fell 1.7% for the week. The Nasdaq Composite rose 43 points or 1.6%, to 2,781 for the day and lost 1.9% for the week.
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