Upbeat earnings and better than expected new home sales sent the markets soaring to a sharply higher close with the Dow leaping 152 points to 14,719. Nasdaq jumped 35 points to 3269.
On the upside
Superconductor Technologies (Nasdaq: SCON) received purchase orders from several leading multinational industrial companies for its Conductus 2G HTS wire.
ARM Holdings (Nasdaq: ARMH) reported higher first quarter earnings and revenue that surpassed analyst expectations.
Caesars Entertainment (Nasdaq: CZR) will partner with Apollo Management and TPG Capital to create a new company to run its online business and other assets.
On the downside
Gannett (NYSE: GCI) reported higher first quarter earnings and revenue that beat expectations but advertising revenue fell.
First quarter earnings climbed for Ryder System (NYSE: R) but revenue missed expectations.
II-VI (Nasdaq: IIVI) reported higher third quarter earnings and revenue but the results fell short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 index soared 16 points to 1578.
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