The U.S. stock markets headed into higher ground this morning, as investors have largely shrugged off international concerns. Advancing issues are beating decliners by better than 3-to-1 on the NYSE, suggesting a relatively broad move is in progress. All the major sectors are in positive territory today.  The basic materials group is one of the strongest performers, helped by metals stocks. Alcoa (AA - Free Analyst Report) is up better than 2% in the session, along with other aluminum issues. Also, steel equities, such as AK Steel (AKS) are also up sharply as well.  The conglomerate sector is also out in front, helped by large-cap leaders, General Electric (GE - Free Analyst Report) and Tyco International (TYC). Some areas of relative weakness include semiconductor shares, led lower by Cree (CREE) and Applied Materials (AMAT), and Intel (INTC - Free Analyst Report).

The news was relatively quiet on the earnings front, with no major movers reporting numbers. Investors are likely more concerned about the economic news due out today. The Fed is slated to release its Beige Book summation this afternoon.  Given Fed Chairman Bernanke’s comments lately, it is not clear which way the report will go. Also, there is a consumer credit report to be released later today. Most analysts expect that consumer credit will remain weak, reflecting a reluctance to borrow and spend, and an increased move towards savings.

In Europe, the markets got off to a weak start, but are now in positive territory. The initial weakness was likely related to ongoing concerns about the European debt crises. Some recent fears are related to the Irish banks, as well as some economic data highlighting Greece’s fragile economy. However, a successful auction for Portugal’s debt helped subdue fears about the Continent’s banking system.

Further east, the Asian markets were lower overnight. The Chinese markets, the Hang Seng and the Shanghai were both off slightly. The weakness has been attributed to investor concerns about the Chinese government’s possible intervention in the nation’s fast-expanding real estate markets.  Elsewhere, Japan’s Nikkei fell over 2% in the session, on renewed concerns about the rising Yen. Investors are essentially fearful that the appreciating Yen will hurt shares of the nation’s top exporters.

In the commodities markets, the price of crude oil has recovered this morning, as traders are likely looking to the equity markets for signs about the direction of the economy. Crude oil prices will probably be volatile throughout the day, as a large inventory report is due out this afternoon. Elsewhere, precious metals, are also up a bit today. The Treasuries are down, as investors may be willing to take on the risk of equities at these prices. As a result, the yield on the 10-year note is currently about at 2.67%.