Mid-Morning Market Update: Markets Open Higher; Nike Profit Tops Expectations

Following the market opening Wednesday, the Dow traded up 0.64 percent to 17,528.21 while the NASDAQ climbed 0.56 percent to 5,029.27. The S&P also rose, gaining 0.65 percent to 2,052.31.

On Wednesday, energy shares surged by 2.63 percent. Top gainers in the sector included

,

, and

. In trading on Wednesday, cyclical consumer goods & services shares gained by just 0.4 percent. Meanwhile, top losers in the sector included

, down 6 percent, and

, down 4 percent.

reported better-than-expected earnings for its fiscal second quarter on Tuesday. The sporting products company reported quarterly earnings of $0.90 per share, on revenue of $7.686 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $7.81 billion.

shares shot up 43 percent to $24.15 after the company reported positive top line Phase 3 results for ADS-5102. Shares of

got a boost, shooting up 28 percent to $14.56. Rovi and

reported a deal for seven-year renewal and expansion of license agreement.

shares were also up, gaining 13 percent to $1.80. Cliffs Natural reported that it has closed the sale of its remaining North American coal business.

shares tumbled 19 percent to $3.62 after the company reported a registered direct offering of $12.6 million. Shares of

were down 7 percent to $13.63. Micron reported upbeat earnings for its fiscal first quarter, but the company's revenue missed analysts' estimates. The company also issued a weak forecast for the current quarter.

was down, falling 6 percent to $48.14 after the company lowered its earnings outlook for the third quarter.

In commodity news, oil traded up 1.88 percent to $36.82, while gold traded down 0.35 percent to $1,070.30. Silver traded down 0.45 percent Wednesday to $14.25, while copper rose 0.36 percent to $2.12.

European shares were higher today. The eurozone's STOXX 600 jumped 2.24 percent, the Spanish Ibex Index jumped 2.27 percent, while Italy's FTSE MIB Index rose 1.27 percent. Meanwhile, the German DAX climbed 1.86 percent, and the French CAC 40 gained 2.10 percent, while U.K. shares rose 2.12 percent.

Orders for durable goods came in flat in November, after a 2.9 percent gain in October. US consumer spending increased 0.3 percent in November, while personal income rose 0.3 percent in the month. The University of Michigan's consumer sentiment index rose to 92.60 in December, versus a prior reading of 91.80. However, economists were expecting a reading of 92.00.