ECB Says Don't Expect More Rate Hikes

The market got another boost at the open, sending the DOW to a new high. Oil is trading down below $63, and bond yields are steady at 4.48%.

ECB President Trichet said, after raising rates to 3.50%, that it would be "wrong" to conclude that it will raise rates further. The market had been pricing in a move to around 4.0%.

Financials are getting a nice bounce, while housing stocks are giving back a little of their recent gains. Industrials are mostly higher also, while other sectors look mixed.

In other news and notes:

• Monster Employment Index hits 175 in Nov.; new high
• JOSB beats earnings by a penny
• GOL lowers EPS guidance
• FBR thinks likelihood of Epo price cuts for AMGN is low
• BofA initiates ZUMZ at Buy ($41 tgt)
• LQDT reports earnings, stock down
• RIMM downgraded at Morgan Keegan
• Pru raises target on GS to $215
• Morgan says price competition hurting GRMN
• CREE lowes guidance for Q2
• ADI increases buyback by $1 billion
• Amtech adds QCOM to Focus List
• IR being mentioned in LBO chatter

long AMGN, GS, QCOM