Stocks Rally Ahead of Bernanke, Retail Sales, Inflation Data

A busy schedule of data and speakers from the Federal Reserve awaits investors today. Key data include retail sales and the consumer price index an hour before the bell, and half an hour into the session should see headlines from Fed chairman Ben Bernanke’s testimony to Congress.

Thirty minutes before the first data, equity markets are pointing higher. Dow futures are up 39 points to 10998 and S&P 500 futures are trading 5.25 points higher at 1,198.25. The 2 year Treasury note is -0-01 at 99-27 yielding 1.073% and the benchmark 10 year note is -0-05 at 98-08 yielding 3.838%.

Commodity prices are also on the rise WTI crude oil up 83 cents to $84.88 per barrel and Spot Gold up $6.95 to $1,157.60.

Part of the optimism this morning stems from better-than-anticipated earnings and revenue from Intel.

“Demand was strong in all regions of the world, reflecting the synchronized nature of the global recovery,” wrote Sal Guatieri from BMO Capital Markets. “The report suggests business spending will lead the U.S. recovery, as companies that deferred spending during the recession ramp up purchases of productivity-enhancing high-tech gear. Intel also plans to boost hiring significantly (1,000 to 2,000) for the first time in five years.”

JPMorgan also posted strong results.

Key Events Today:

8:30 â€