Dollar Reaches Highest Level Since 2010 While Stocks Gain

The Dollar is the strongest it has been since June 2010, according to the US Dollar Index. After breaking above 85 resistance, the currency rallied to 85.12. Strength is coupled with record high stock prices, strong bonds and weak commodities.

Major Averages

• The Dow Jones Industrial Average rose 154.2 points, or 0.9 percent, to 17,210.
• The S&P 500 climbed 15.5 points, or 0.78 percent, to 1,998.
• The Nasdaq Composite gained 46.5 points, or one percent, to close at 4,555.

Top Stories

Oil is trading much lower than it had in recent months. OPEC stated it expects prices to rise, but Iran says it expects additional downside. The director at National Iranian Oil Company says prices could fall as low as $90 per barrel.

Apple AAPL is under pressure after several owners of the iPhone 6 Plus have reported that the device is bending in their pockets. Investors are still waiting for Apple to respond to allegations.

Stock Movers

Merrimack Pharmaceuticals MACK shares shot up 2.0 percent to $7.33 on licensing deal with Baxter International BAX.

Shares of Acorda Therapeutics ACOR got a boost, shooting up 28.2 percent to $37.62 after the company announced its plans to acquire Civitas Therapeutics.

Bed Bath & Beyond BBBY shares were also up, gaining 7.4 percent to $67.33 after the company reported stronger-than-expected second-quarter results and issued a forecast slightly ahead of the estimates.

Shares of GrafTech International GTI were down 31.9 percent to $4.96 after the company lowered its FY14 forecast and announced several executive management changes.

KB Home KBH shares tumbled 5.3 percent to $16.07 after the company reported weaker-than-expected fiscal third-quarter results.

Egalet EGLT was down, falling 28.6 percent to $6.65 after the company announced an update on clinical development plan for abuse-deterrent morphine Egalet-001.

Commodities

Often moving inverse to equities, gold futures gave up ground as stocks charged higher. At $1,216.27, the commodity is within $7 of making an eight month low. The contracts are down 0.4 percent on the session.

Crude, on the other hand, was especially strong Wednesday. WTI futures gained 1.66 percent to $93.08. Brent futures rose 0.34 percent.

Global Markets

Some Asian markets were closed for Holiday last night, including Hong Kong. The Shanghai index rose 1.47 percent and Japan’s Nikkei fell 0.24 percent.

European markets trended higher Wednesday, driven by Draghi’s dovish comments. THe Euro Stoxx Index rose 1.19 percent, The CAC added 1.25 percent and the FTSE jumped 0.45 percent.