Investors embraced earnings news to lift the markets higher during the midday with the Dow soaring 107 points to 12,587. Nasdaq climbed 19 points to 2845.
On the upside
Rediff.com India (Nasdaq: REDF) introduced its group deals service Rediff Deal Ho Jaye! in 40 cities throughout India.
First quarter earnings for Cummins (NYSE: CMI) more than doubled to beat analyst expectations as revenue surged prompting the company to lift its full year outlook.
First quarter earnings for AK Steel (NYSE: AKS) quadrupled to surpass analyst expectations.
On the downside
Under Armour (NYSE: UA) reported higher first quarter earnings that topped estimates as revenue climbed but the stock price tumbled as investors locked in profits.
Unisys (NYSE: UIS) blamed a debt reduction charge for widening first quarter losses.
Tellabs (Nasdaq: TLAB) disappointed with a loss for the first quarter and forecast second quarter results below estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 854.
