Major indexes put in a strong showing after Dow component Intel (INTC) announced better-than-expected earnings results and offered a healthy outlook for the current quarter and beyond. Tech shares in particular surged, taking tech ETFs along for the ride. The Dow Jones Industrial Average closed up 241 points at 8600. The Nasdaq climbed 57 points to 1857 and the S&P 500 climbed 25 to 931. The S&P SPDR fund (SPY) rose 2.9%.

Traders said a short squeeze in advance of major financial firms' earnings contributed to the sharp uptick. Financial stocks rose higher ahead of an earnings report by JPMorgan Chase (JPM) .

The release of last month's Federal Open Markets Committee meeting notes showed the Fed still views the economy as fragile, but that it has an exit strategy in place for its heavy interventionist course. The committee said it expected the 18-month recession to be over "before long," but also that "the global nature of this recession meant that growth abroad was not likely to bolster U.S. exports and so contribute to a recovery in the United States." The Fed also said most government backup liquidity programs "could be extended into early next year."

Crude traded on the Nymex closed up $2.07 at $61.54 a barrel. For a detailed rundown on Wednesday s trading session see our market story.

Winners

Among unleveraged funds, the Financial Select Sector SPDR fund (XLF) was a major gainer, finishing up 4.3%. The iShares MSCI Brazil Index fund (EWZ) rose 6.0% as metals and oil producers drove stocks there to a two-month high.

Losers

The United States Natural Gas fund (UNG) took a 2.1% hit as gas prices ebbed in Wednesday trading. Investors moving into equities sent the iShares Barclays 20+ Year Treasury Bond (TLT) down 2.6%.

Thursday s Notebook

Earnings and Conference Calls
American Achievement, Amphenol, AngioDynamics, Badger Meter, Courier, Cypress Semiconductor, Cytec Industries, Datalink, Electrolux, Genuine Parts, Google, Harley-Davidson, IBM, JPMorgan Chase, Marriott International, Meridian Bioscience, MGIC Investment, Nexen, Nokia, Novartis, People's United Financial, Polaris Industries, PPG Industries, Sonoco Products, Sony Ericsson, Tempur Pedic International, Umpqua Holdings

Economic Data
8:30 a.m. Initial Jobless Claims for July 11
9:00 a.m. May Treasury International Capital
10:00 a.m. DJ-BTMU Business Barometer for July 3
1:00 p.m. July NAHB Housing Index

A look at how the industry's most popular ETFs did on Wednesday: