China To Increase Consumption, Markets Close Higher

China's assertion that it will increase consumption in order to improve the global economy lifted the markets to a sharply higher close with the Dow leaping 135 points to 12,504. Nasdaq surged 68 points to 2847.

On the upside

A Seeking Alpha contributor wrote that Magnum Hunter Resources (NYSE: MHR) was a good buy after its recent price drop.

Krispy Kreme Doughnuts (NYSE: KKD) reported lower first quarter earnings but the results were better than expected.

Amyris (Nasdaq: AMRS) raised $4.1 million on Friday through the sale of more than 1.7 million common shares in a private placement.

On the downside

Shares of Sturm, Ruger & Co. (NYSE: RGR) dropped after rival Smith & Wesson (NYSE: SWHC) posted strong first quarter results that beat expectations.

Bank of America (NYSE: BAC) chief executive Brian Moynihan reassured investor conference attendees that he was comfortable with investments made by the bank but the stock price fell.

Shares of Chinese social networking site Renren (Nasdaq: RENN) continued falling after Facebook (Nasdaq: FB) shares tanked on its second day of trading.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 17 points to 764.

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