US stocks open mostly higher after a two-day rally

New york (AP) — Major stock indexes are creeping higher on Friday as the market comes off a massive two-day rally spurred by the Federal Reserve's assurance that it was in no hurry to hike interest rates.

Keeping score: The Dow Jones industrial average was up 29 points, or 0.2 percent, to 17,808 as of 10:04 a.m. Eastern time. The Dow surged 421 points on Thursday, its biggest jump in three years.

The Standard & Poor's 500 gained five points, or 0.3 percent, to 2,067, while the Nasdaq composite edged rose five points, or 0.1 percent, to 4,753.

Earnings: CarMax jumped 8 percent in early trading after the used car dealership posted a 22 percent surge in its quarterly profits thanks to higher sales. The company's results beat analysts' estimates, sending the stock up $5.05 to $65.58.

Euroland: Major markets headed lower in Europe. Germany's DAX fell 1.1 percent, while France's CAC-40 dropped 1 percent. In the U.K., the FTSE 100 index was 0.4 percent higher

Turnaround: At the start of the week, investors were concerned by falling oil prices and the state of the world economy. A plunge in the Russian ruble didn't help. But stock markets staged a turnaround Wednesday, when Janet Yellen, the Federal Reserve chair, said she saw no reason to hike interest rates in early 2015 and that the central bank would be "patient" in deciding when to raise rates from near zero. Her comments eased concerns that the Fed would start raising interest rates at a time when growth outside the U.S. appears to be flagging.

Analyst's take: "The major equity markets are finishing the trading year on a positive note thanks to Janet Yellen's Christmas message," said Neil MacKinnon, global macros strategist at VTB Capital. He said that with no major economic reports coming out, the markets will soon "switch into holiday mode," as traders head off for vacations.

Asia's day: Asian markets pushed higher in the wake of the big gains posted in Europe and the U.S. on Thursday. Japan's Nikkei 225 jumped 2.4 percent, while South Korea's Kospi added 1.7 percent. Hong Kong's Hang Seng advanced 1.3 percent.

Energy: Benchmark U.S. crude was up 71 cents at $54.92 a barrel on the New York Mercantile Exchange. Oil has plunged since June, when it peaked at $107 a barrel. A supply glut and weak demand have cut prices by roughly half since the summer.

Bonds: U.S. government bond prices rose, nudging yields down. The yield on the benchmark 10-year Treasury note slipped to 2.18 percent.

Currencies: There was little action in foreign exchange markets, The euro was flat at $1.2273 and the dollar rose 0.2 percent to 119.17 yen.

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The Gayly – December 19, 2014 @ 9:30am