Optimism that the Federal Reserve will act again to strengthen the nation's faltering economy sent the markets soaring during the midday with the Dow leaping 178
points to 11,033. Nasdaq jumped 59
points to
2404.
On the upside
Universal Display (Nasdaq: PANL) will supply Samsung Mobile Display with its OLED technology.Second quarter earnings surged for Perfect World (Nasdaq: PWRD) as revenue soared.
Axiom Capital analyst Gordon Johnson upgraded JA Solar (Nasdaq: JASO) from a Hold rating from Sell.
On the downside
RealPage (Nasdaq: RP) will pay approximately $74.4 million in cash and stock to acquire privately held Multifamily Technology Solutions.
Motricity (Nasdaq: MOTR) terminated the employment of its chief executive Ryan Wuerch and named president and chief operating officer as interim chief executive.
A drop in new home sales weighed down share of PulteGroup (NYSE: PHM).
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 19 points to 670.
