The Dow opened down in single digits and is now in positive territory, up +23. For Dow stocks, Home Depot (HD) is at 52 week high and there are no 52 week lows.

The Market

The Dow Jones industrial average rallied 175 points, or 1.2% yesterday to end at its highest level since October 2007. The Dow closed at 14075.37.

Fed Chairman Ben Bernanke finished his two-day testimony in Washington Wednesday, dismissing fears over an exit strategy and reiterated his comment to loose monetary policy.

The U.S. Census Bureau said durable goods orders dropped $11.8 billion (-5.2%) in January. This was greater than the -3.5% decline projected by economists.

European markets are mostly higher and Asian markets ended higher.

The national average price of gasoline is down four-tenths of a cent to $3.782 per gallon.

Earnings Reports

Salesforce.com (CRM) is expected to report fourth quarter EPS of $0.40 vs. $0.43 a year ago.

Cablevision Systems Corp (CVC) is expected to report fourth quarter EPS of $0.09 vs. $0.22 a year ago.

Domino’s Pizza (DPZ) is expected to report fourth quarter EPS of $0.60 vs. $0.52 a year ago.

The Gap Inc. (GPS) is expected to report fourth quarter EPS of $0.71 vs. $0.44 a year ago.

Sears Holding (SHLD) is expected to report fourth quarter EPS of $0.98 vs. $0.54 a year ago.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -2,000 to 360,000, previous +20,000 to 362,000. Weekly continuing claims expected -8,000 to 3.140 mln, previous +11,000 to 3.148 mln.

0830 ET Revised Q4 GDP expected +0.6%, prelim -0.1% q/q annualized. Revised Q4 personal consumption expected unrevised at +2.2% q/q annualized. Final Q4 price index expected unrevised at +0.6% . Final core PCE expected unrevised at +0.9%.

0830 ET USDA weekly Export Sales.

0900 ET Feb Milwaukee PMI, Jan 51.3.

0945 ET Feb Chicago purchasing managers index expected -1.6 to 54.0, Jan +5.6 to 55.6.

1100 ET Kansas City Feb manufacturing index, Jan -2.

2000 ET Chicago Fed President Charles Evans speaks to the CFA Society of IowaÂ’s Annual Investment Strategy dinner.