Strong construction spending lifts markets

A stronger than expected increase in construction spending lifted the markets to a higher open with the Dow climbing 52 points to 17,829. Nasdaq gained 21 points to 4,748.

On the upside

Viggle (Nasdaq: VGGL) entered a strategic marketing partnership with HGTV.

Otsuka Pharmaceutical will pay approximately $3.5 billion in cash to acquire Avanir Pharmaceuticals (Nasdaq: AVNR).

Cypress Semiconductor (Nasdaq: CY) will acquire Spansion (NYSE: CODE) for approximately $1.59 billion in an all stock transaction.

On the downside

Shares of Halliburton (NYSE: HAL) and SeaDrill (NYSE: SDRL) continued falling.

Opening statements begin today in a class action lawsuit against Apple (Nasdaq: AAPL) over digital music.

Vince Holding (NYSE: VNCE) reported higher third quarter earnings and revenue that topped analyst estimates but the stock price dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 gained 8 points to 2061. Bitcoin added $2 to $381.