New York, February 9^th (TradersHuddle.com) - Stocks finished higher, staging a relief rally and sending the Dow Jones Industrial Average above the psychological 10,000 level. Prospects for a Greece bailout by the European Union eased investors’ concern that a default in Greece may derail the global economic recovery as it will spark a move away from risk. The Dollar tumbled as investors moved away from safe haven assets.

The Dow Jones Industrial Average rallied 150.25 points, or 1.52%. The S&P 500 index jumped 13.78 points or 1.30%, while the NASDAQ climbed 24.82 points or 1.17%. Market breadth was positive. On the NYSE advancers outpaced losers by a rate of 10 to 3, while on the NASDAQ winners topped decliners by a rate of 5 to 2.

The market started to the upside on speculation the EU will have to help Greece with its government deficit woes, gains accelerated around noon, when the likelihood of a bailout gained traction after European Union leaders said the group should help the nation in return for budgetary reforms. This along good corporate earnings and analyst upgrades helped Bulls to stage the relief rally.

On economic news, the Commerce Department reported that inventories at U.S. wholesalers unexpectedly fell in December after the biggest increase in more than five years, indicating distributors had trouble keeping up with demand. The 0.8% decrease in stockpiles followed a revised 1.6% gain in November that was the largest since July 2004. Sales climbed 0.8%.

Energy, industrials and materials led sector gainers on the S&P, each registering gains of more than 2%. Financial shares reversed an earlier drop as analyst downgraded the sector and climbed 1.1% as a group, led by JPMorgan Chase (NYSE:JPM)

Leading the S&P 500 index was Harman International Industries (NYSE:HAR), as shares of the audio and electronics maker jumped 16.03%.  Investors bid the stock higher as the company had a sharp turnaround and returned to profit, posting a net income of $53 million or 40 cents per share, excluding one-time items. RBC Capital Markets reacted to the better than expected quarterly earnings release by raising its price target to $45 a share, as cost cutting has helped its profitability more than anticipated.

Cameron International  (NYSE:CAM) posted the second largest percentage gain in the S&P 500, as shares of the oil and gas pressure equipment maker climbed 6.56% to $39.33 after the company reported beat expectations by a penny a share. Income dropped 33% as it focused more on less profitable sub-sea drilling projects. Revenue fell to $1.46 billion from $1.52 billion a year ago. Analysts expected lower revenue of $1.29 billion.

The third best gain in the broad market index was Cognizant Technology Solutions (NASDAQ:CTSH), as shares of the information technology consulting and services firm gained 6.29% to $46.49.  The company posted unexpected large numbers for profit and revenue and topped the fourth-quarter report with a 2010 outlook that exceeded most expectations as technology spending rebounds. Profit jumped 28%, while sales added 20%.

The fourth best S&P 500 stock was Dow Chemical (NYSE:DOW), as shares of the diversified chemical company gained 6.15%, as investors bid the sector higher on news of insider buying in the sector.

The fifth biggest gain in the broad market index was Cliffs Natural Resources (NYSE:CLF) as shares of North America’s largest iron ore producer climbed 5.48%, as metals rallied along with other commodities.