All the major indices are trading higher this morning, with the Nasdaq standing out as the major winner so far today. The Dow Jones Industrial Average currently trades up by 43 points, while the Nasdaq has gained 30 points, and the S&P 500 trades higher by 11.
Energy stocks lead the way higher today as crude oil neared $75 a barrel. Crude oil trades higher today on the news of more hurricanes likely to be coming in the near future. Many of the major oil companies stocks are powering higher thus far on the day. Occidental Petroleum Corporation (NYSE:OXY) currently trades up by 2.82%, while Marathon Oil Corporation (NYSE:MRO) trades up by 3.64%. Natural gas corporations are also very strong on the day, with Southwestern Energy Company (NYSE:SWN) higher by 3.74%, and Devon Energy Corporation (NYSE:DVN) higher by 2.39%. 
Technology shares are also very strong on the day, powering the Nasdaq to its over 1% gain on the day so far. Yahoo Inc (NASDAQ:YHOO) is in the news this morning as Bear Stearns now calls the company a "top pick" saying that the sentiment on the stock has become too negative. YHOO shares are jumping to the tune of 5.5% so far today on very heavy volume. Chinese Internet search provider Baidu.com Inc. (NASDAQ:BIDU) trades higher by over 4% so far today, as Chinese ADR's trade higher across the board.
Several notable technology stocks have hit 52 week highs this morning as the tech sector continues its outperformance of the market. Garmin Limited (NASDAQ:GRMN) hit a 52 week high today at $107.24 as the GPS maker remains very strong. Hewlett-Packard Company (NYSE:HPQ) has reached its 52 week high today, climbing above the $50 level for the first time in more than five years.
The volume on the exchanges is slightly stronger than it has been in the last week or two, but it still leaves plenty to be desired. The FOMC meeting is now just two weeks away, and stocks are likely to continue to look for all economic clues as to how the Federal Reserve will move on that day.
This is a week that is pretty important from a short-term perspective since the buyers have been able to bring the indices back quite a bit from their lows of late. If this week is able to confirm that move higher, this market is far more likely to have already hit a bottom.
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