Market rallies to close higher...

The stock market rebounded today after a jump in pending home sales raised optimism about the economy.

The gains Wednesday allowed stocks to recover the losses from the day before, when the government announced investigations into the Gulf oil spill. A rebound in energy stocks led the way.

The National Association of Realtors' index of contracts for home purchases rose 6 percent in April as buyers raced to secure a tax credit.

The Dow Jones industrials rose 226 points to 10,250, the third biggest gain of 2010. The Standard & Poor's 500 index is up 28 at 1,098. The Nasdaq composite index is up 59 at 2,281.

Five stocks rose for every one that fell on New York Stock Exchange. Volume totaled 1.4 billion shares, in line with Tuesday.

Noon Update....

Nice rally so far this mornin, however, we re just making back what was taken away in the last 30 minutes on Tuesday....Commodities and Tech leads the way.

Dow +99.69
Nas +30.03
S&P +13.42

Goldman thinks Monsanto is washed out...

Goldman Sachs upgrades Monsanto (MON) to Conviction Buy from Neutral. Monsanto has been the second-worst performing stock in the S&P 500 this year, but "bad news is exhausted" and investor sentiment is bottoming.

Wednesday's Economic Calendar...

May Auto sales
7:00 MBA Mortgage Applications
7:30 Challenger Job-Cut Report
7:45 ICSC Retail Store Sales
8:30 Hearing: Credit Ratings Credibility
8:55 Redbook Chain Store Sales
10:00 Pending Home Sales

Obama targets RIG...

Transocean Ltd. (RIG). Obama administration on Tuesday sought to challenge the company’s bid to limit its liability for its role in the gushing oil well it drilled in the Gulf of Mexico for BP Plc (BP).

Monsanto and Dow reach license agreement...

Monsanto Co. (MON). The company and Dow Chemicals’ (DOW) Dow agrosciences on Wednesday reached a new licensing agreement on Roundup ready 2 Yield soybean technology. Under the agreement Monsanto grants Dow AgroSciences a non-exclusive, royalty-bearing license in U.S. to develop, produce, sell and sublicense seed and germplasm with Roundup Ready 2 Yield technology.

Jos.A Bank reports impressive earnings...

JoS A Bank Clothiers Inc. (JOSB). The men's apparel and accessories retailer on Wednesday reported an increase in its first-quarter earnings and sales. The company reported earnings of 85 cents a share, an increase of 37 percent from 62 cents a share, from a year ago period. The company’s total sales for the quarter increased 10 percent to $178.1 million.

Google sets sights on Microsoft Windows..

Google Inc. (GOOG). The web search group expects to release its Chrome computer operating system in the "late fall", a top executive said on Wednesday, as it aims a competitive strike at rival Microsoft's (MSFT) Windows. The Chrome system will designed initially to work on laptop PCs.

BP tries to reassure investors...

BP Plc (BP). The oil major forged ahead with its latest effort to curb the flow of oil spewing into the Gulf of Mexico on Wednesday. And also the company will seek to patch up its battered share price by reassuring investors the cost of cleaning up the oil spill in the Gulf of Mexico is manageable and will not affect dividends.

Steve Jobs comments on Foxconn deaths...

Apple Inc. (AAPL). The company’s CEO Steve Jobs finds "troubling" a string of worker deaths at Foxconn, the contract manufacturer that assembles the company's iPhones and iPads, but said its factory in China "is not a sweatshop."

Amgen gets approval for osteoporosis drug...

Amgen Inc. (AMGN). U.S. FDA approved on Tuesday the sale of the company’s osteoporosis drug Prolia to help prevent fractures in post-menopausal women just days after the medicine received European approval. Amgen said the drug will be available within the next two weeks and cost $825 per 60 milligram injection based on wholesale acquisition cost.