Expectations that interest rates will remain low sent the markets sharply higher during the midday with the Dow soaring 126 points to 13,207. Nasdaq surged 44 points to 3112.
On the upside
Gravity (Nasdaq: GRVY) launched its online multiplayer role playing game sequel Ragnarok Online II in Korea.
Wunderlich Securities analyst Theodore O'Neill upgraded Tesla Motors (Nasdaq: TSLA) to a Buy rating and lifted his price target to $49 from $30 after touring the electric vehicle maker's headquarters and factory.
Wells Fargo upgraded PolyOne (NYSE: POL) to an Outperform rating.
On the downside
Investors locked in profits on KB Home (NYSE: KBH). Shares of the homebuilder climbed last week after narrowing first quarter losses.
H.I.G. Capital will take Comverge (Nasdaq: COMV) private for $49 million in cash.
Falling coal prices weighed down shares of James River Coal (Nasdsaq: JRCC).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 13 points to 843.
