Markets soar on upbeat data

Upbeat construction spending and strong auto sales sent the markets soaring to a higher close with the Dow surging 102 points to 17,879. Nasdaq climbed 28 points to 4,755.

On the upside

Bargain hunters lifted shares of Lakeland Industries (Nasdaq: LAKE).

Pacific Crest Securities valued Alibaba's (Nasdaq: BABA) mobile payments affiliate Alipay at $70 billion.

JD.com (Nasdaq: JD) expects to increase its mobile orders through its partnership with Tencent Holdings.

On the downside

Global Hunter Securities downgraded Goodrich Petroleum (NYSE: GDP) from a Buy rating to a Sell rating.

Quidel (Nasdaq: QDEL) will offer $150 million in convertible senior notes.

Vale (NYSE: VALE) blamed a plunged in iron ore prices for slashing its spending for 2015.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 climbed 13 points to 2066. Bitcoin added $1 to $380.
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