The nation's economy expanded in the third quarter at a 2.5% annual pace to boost the markets higher during the midday with the Dow leaping 267 points to 12,136. Nasdaq soared 59 points to 2709.
On the upside
Synovus Financial (NYSE: SNV) reversed year ago losses to post a better than expected profit for the third quarter.
Third quarter earnings fell for Novellus Systems (Nasdaq: NVLS) but the results surpassed analyst expectations.
Terex (NYSE: TEX) swung to a better than expected profit for the third quarter and lifted its full year revenue guidance.
On the downside
NII Holdings (Nasdaq: NIHD) swung to a loss for the third quarter.
Third quarter earnings fell for Time Warner Cable (NYSE: TWC) to miss expectations as expenses rose.
Community Health Systems (NYSE: CYH) reported higher third quarter earnings but revenue fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 22 points to 749.
