The markets soared to close sharply higher with the Dow surging 162 points to 11,869 as European leaders pledged to increase bailout funds to one trillion euros. Nasdaq gained 12 points to 2650.
On the upside
F5 Networks (Nasdaq: FFIV) reported sharply higher fourth quarter earnings that surpassed analyst expectations as revenue soared.
The Daily Mail reported that Reliance Industries will offer a premium of $48 per share in cash to acquire Valero Energy (NYSE: VLO).
Nabors Industries (NYSE: NBR) reversed year ago losses to post a better than expected profit for the third quarter.
On the downside
The Wall Street Journal reported that MF Global Holdings (NYSE: MF) retained the services of Evercore Partners to explore strategic options including the possible sale of the company.
Jones Group (NYSE: JNY) reported higher third quarter earnings but revenue fell short of expectations.
Third quarter earnings rose for C. H. Robinson Worldwide (Nasdaq: CHRW) but revenue missed analyst expectations prompting downgrades.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 727.
