Good thursday morning. Welcome to squawk alley. Im jon fortt with morga brennan, david faber, here at post 9 at the New York Stock Exchange carl is on assignment. And were going to begin with todays rally. Stocks surging all of the major indices up more than 1 . Our dom chu is back at headquarters with a look at what is driving the gains today dom . So, jon, we are right near highs of the session right now the dow is up about 458 points, 452 at this stage. And as you can see here, almost 1. 5 to 2 gains at this stage for the major indices. The s p 500 really the laggard there. A lot of tlechnology and communication stocks powering that nasdaq composite to a 1. 5 gain overall with regard to whats driving the action, take a look at the sectors that areat most at wor and at play. Financials, industrials, technology, meanwhile, consumer staples, real estate, and utilities really lagging behind. The key level that we wanted to watch earlier on was 2945. That had been an area of resistance o
85 billion a month Bond Buying Program in place hinting no qe timeline. Hinting higher Mortgage Rates is key factors theyre watching closely. They also said they were worried about does inflation. According to adp private sector jobs increased by 200,000 in july. Higher than most economic estimates indicated. Junes number was revised higher by 10,000. Gross domestic product expanded at a pace of 1. 7 from april to june. This beat expectations. Second quarter reading followed a downwardly revised 1. 1 for the First Quarter of 2013. So good for the moment but revised downward for the past. The president is going to nominate Federal Reserve sarah bloom rskin as the Treasury Department secretary. If confirmed she would be highest ranking woman in Treasury Department history. She would replace kneel wolin. Shares of air products and chemicals moving to the upside after activist investor bill ackman announced his firm had taken a 9. 8 stake in the company for over 2 billion. This is the firm