Initial applications for unemployment benefits fell while the total number of jobless workers dropped to its lowest level in 18 months. The markets opened higher with the Dow soaring 230 points to 10,130 while Nasdaq surged 43 points to 2202.
On the upside
Rumors circulated that Apple (Nasdaq: AAPL) may approach ARM Holdings (Nasdaq: ARMH) to manufacture its iPad.
First quarter earnings surged for A-Power Energy (Nasdaq: APWR) prompting the wind turbine maker to lift its full year guidance.
Men's Wearhouse (NYSE: MW) reported higher first quarter earnings that beat expectations by a wide margin.
On the downside
Kid Brands (NYSE: KID) announced that a secondary offering of nearly 4.4 million common shares has been priced at $7.25 per share.
Cereplast (Nasdaq: CERP) will sell approximately 2.1 million units through a registed direct offering to raise nearly $7.5 million.
Cadence Design Systems (Nasdaq: CDNS) priced its offering of $300 million in senior convertible notes.
In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 12 points to 630.
