Jobless claims rise less than expected, markets soar

First time applications for unemployment benefits rose less than expected to send the markets soaring to a sharply higher open with the Dow surging 115 points to 17,788. Nasdaq gained 21 points to 4,738.

On the upside

Pfizer (NYSE: PFE) will acquire Hospira (NYSE: HSP) in a deal valued at approximately $17 billion.

Glu Mobile (Nasdaq: GLUU) swung to a greater than expected profit for the fourth quarter and partnered with Katy Perry to develop new mobile games.

Genetic Technologies (Nasdaq: GENE) regained compliance with Nasdaq listing requirements.

On the downside

iRobot (Nasdaq: IRBT) reported higher fourth quarter earnings and revenue but the results fell short of analyst expectations and the company forecast current quarter and full year results below estimates.

Fourth quarter earnings rose for Teradata (NYSE: TDC) but revenue fell to miss analyst expectations and the company forecast full year results below estimates.

QuickLogic (Nasdaq: QUIK) widened losses for the fourth quarter as revenue dropped.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 gained 12 points to 2054. Bitcoin eased $1 to $223.