10:45 AM New York – U.S. stocks edged higher after home price index fell less than expected and consumer confidence surged in August. Fed Chairman Bernanke won the White House appointment for the second term that will need an approval from lawmakers. Ivanhoe Mines surged after Mongolia voted to expire windfall tax.

Stocks in the early morning trading rose after the consumer confidence increased and Fed Chairman Bernanke won a second-term appointment from the White House.

Federal Reserve Chairman Bernanke was appointed for the second term by President Barack Obama today. The appointment was endorsed by the Banking Committee head Christopher Dodd and still needs approval from the Congress.

The appointment is effective for four year term from Jan 31, 2011.

Market indexes edged higher with the Dow Jones Industrial Average up 0.5% to 9,554.17, S&P 500 index advancing 0.6% to 1,031.74 and Nasdaq inching higher by 0.56% to 2,029.31.

Consumer Confidence index in August surged to 54.1 from 47.4 in July according to the latest release from the Conference Board after dropping as low as 25.3 in February.

The controversial metropolitan home price index declined less than expected in June. S&P/Case-Shiller decreased 15.4% from a year ago, the smallest decline since April 2008.

Gainers & Losers

Warner Chilcott Plc (WCRX) increased 10% to $22.45 after surging more than 25% in the previous session on a deal to acquire Procter & Gamble global pharmaceutical division.

Ivanhoe Mines (IVN) surged 16% to $10.14 after the Mongolian Parliament voted to end the windfall tax provision as of 2011. The Canadian mining company is looking to explore rare minerals and other precious metals in the country.

Corinthian Colleges, Inc increased 10.6% to $19.17 after it reported fourth quarter revenues increased 29% to $274 million and income from continuing operations were $24.7 million and 28 cents per share, ahead of expectations.

Pride International Drilling dropped 7.3% to $24.66 after it completed the spin-off of Seahawk Drilling, Inc that includes 20 jackup rigs located in the Gulf of Mexico.

Gol Linhas (GOL) the Brazil based airliner plans to raise 650 million reais or $355 million in global stock offering. The stock fell 6% in New York trading to $10.13.

Earnings Review

Chico’s FAS, Inc, the women''s specialty retailer reported second quarter sales rose 4% to $419.9 million from $405.2 million a year ago. Net income in the quarter rose 122.4% to $14.9 million or 8 cents per diluted share compared to net income of $6.7 million or 4 cents per share a year ago.

China Petroleum & Chemical Corporation, an energy and chemical company said first-half revenues fell 27% to Rmb 534 billion from Rmb 731 billion a year ago. Net income in the first-half rose 333% to Rmb 33.25 billion compared to net income of Rmb 7.68 billion a year ago.

Daktronics, Inc, the maker of electronic displays reported first quarter sales fell 29.6% to $113.5 million from $161.2 million a year ago. Net income in the quarter fell 85.6% to $1.4 million or 3 cents per diluted share compared to net income of $9.7 million or 24 cents per share a year ago.

Medtronic, Inc, the medical device maker reported first quarter revenues rose 6% to $3.93 billion from $3.71 billion a year ago. Net income in the quarter fell 38% to $445 million or 40 cents per diluted share compared to net income of $723 million or 64 cents per share a year ago.

Staples, Inc, the office supply retailer reported second quarter sales rose 9% to $5.53 billion from $5.07 billion a year ago. Net income in the quarter fell 39% to $92.4 million or 13 cents per diluted share compared to net income of $150.2 million or 21 cents per share a year ago.

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