The major market averages are powering higher thus far today after a jobless claims came in lower than expected this morning. The Labor Department reported that 319,000 people reported claims for unemployment benefits, less than the 325,000 that was expected. The financial markets responded very nicely to this number as it eased some investors fears of a terrible job number and fast weakening economy. The Dow is currently higher by 136, while the Nasdaq is higher by 11 and the S&P 500 by 13, or 0.89%. 
The basic materials sector is by far the strongest of the day, gaining over 2%. Leading the sector higher is Freeport-McMoran Copper and Gold (NYSE:FCX), which is higher by 4.2%. POSCO (NYSE:PKX), the South Korean steel producer, is higher by 6.46% to a new 52 week high today. Monsanto Company (NYSE:MON) continues its recent surge, climbing another 1.71% today to another multi-year high.
The financial sector, especially those companies that have been hit hard through the credit worries, are quite strong on the day today. Countrywide Financial Corporation (NYSE:CFC) shares are surging by 8.1% on heavy volume today after the company announced it has secured $12 billion in fresh financing. Lehman Brothers Holdings (NYSE:LEH), one of the hardest hit investment banks, is jumping by 4.66% today after an analyst called it his favorite investment bank to buy for the likely Fed rate cut. Morgan Stanley (NYSE:MS) and Merrill Lynch (NYSE:MER) are also higher on the day, by 3.72% and 3.24% respectively.
Interestingly, the weakest sector today is the tech sector. The tech sector was weak yesterday as well, so some market participants must be taking profits in the group after its recent run. Large cap techs are widely mixed today, with some strength and some notable weakness. Alcatel-Lucent (NYSE:ALU) shares are plunging by 8.36% after the company slashed its earnings forecast and said margins are shrinking rapidly. Corning Inc. (NYSE:GLW) is notably weak on the day, losing 2.6% of its value after Syntax Brillian (Nasdaq:BRLC), the developer of LCD HDTV's released a terrible earnings forecast, BRLC shares are plunging by 32%. QUALCOMM Inc (Nasdaq:QCOM) shares are surging by 3.7% on huge volume after the company won a surprise victory in court in its patent dispute with Broadcom Corporation (Nasdaq:BRCM).
Volume is extremely light on the exchanges thus far today, with the Nasdaq not even at 900 million shares at 1 pm on the east coast. The bears continue to argue that these gains are not very valid because of the volume, while the bulls believe that the gains show investors are finding value in stocks.
It will be interesting to see if the market holds it gains, or even stretches its gains over the next 3 hours. Tommorrow's economic data is bound to move the market in some direction, and there may be some more volume with tommorrow's move.
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