Stocks Rally For Sixth Straight Session, S&P Up 7% Since Holiday Break

Stocks are looking to close higher for the sixth straight session, reversing a nasty correction in equities which was related to fears of a double dip recession. Investors are focusing on solid earnings data, as second quarter earnings seasons ramps up. Last night, aluminum producer Alcoa (NYSE: AA) and rail company CSX (NYSE: CSX) delivered better-than-expected results and outlooks, giving investors hope that the rest of the earnings season will shape-up the same.

The Dow closed up 147 points 10,363, the Nasdaq was up 44 points to 2242 and the S&P 500 was up 17 points to 1096.

Stocks have now rallied over 7 percent since reversing course after the Fourth of July holiday, as represented by the move in the broader S&P 500 index.

A rally in European stocks helped set the mood for a strong open in the U.S.. European stocks were up about 2% after luxury automaker BMW raised its 2010 outlook.

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