Discussions between Ireland and the International Monetary Fund calmed investors fears of a possible bankruptcy to send the markets soaring during the midday with the Dow leaping 176 points to 11,184. Nasdaq jumped 45 points to 2521.
On the upside
LTX-Credence (Nasdaq: LTXC) will merge with Verigy (Nasdaq: VRGY) in a stock swap deal.
Exelixis (Nasdaq: EXEL) reported positive results from two midstage clinical trials of its prostate and ovarian cancer treatment XL184.
Third quarter earnings rose to beat analyst expectations by a wide margin for DryShips (Nasdaq: DRYS).
On the downside
Bernstein downgraded Abbott Laboratories (NYSE: ABT) and cut its price target from $62 to $52.
While Ross Stores (NYSE: ROST) reported higher second quarter earnings and revenue, the retailer expects fourth quarter results below analyst expectations.
Williams-Sonoma (NYSE: WSM) reported higher third quarter earnings that topped analyst estimates but the home products retailer forecast disappointing holiday sales.
In the broad market, advancing issues outpaced decliners by a margin of 9 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 15 points to 723.
