Markets soar as jobless claims average drops

The markets soared to a sharply higher open with the Dow leaping 229 points to 16,690 as the four week average of initial applications for unemployment benefits fell to its lowest level in 14 years. Nasdaq jumped 61 points to 4,444.

On the upside

Infinera (Nasdaq: INFN) reported higher third quarter earnings and revenue that beat analyst expectations.

Third quarter earnings and revenue climbed for Tractor Supply (Nasdaq: TSCO) to surpass estimates.

Brookfield Residential Properties (NYSE: BRP) received an acquisition offer from Brookfield Asset Management.

On the downside

Yelp (NYSE: YELP) swung to a profit for the third quarter as revenue soared but the review site forecast current quarter revenue that fell short of expectations.

Cabela (NYSE: CAB) reported higher third quarter earnings and revenue but the results fell short of analyst expectations.

Profit taking weighed down shares of Vapor (Nasdaq: VPCO).

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by 7 to 2 on Nasdaq. The broader S&P 500 soared 24 points to 1951. Bitcoin fell $19 to $360.