Crude oil prices soar, markets rocket higher

The markets advanced during the midday with the Dow jumping 349 points to 16,634 as crude oil prices soared and the nation's gross domestic product climbed more than expected. Nasdaq leaped 108 points to 4,805.

On the upside

Newtek Business Services (Nasdaq: NEWT) entered a contract to manage LookSmart's (Nasdaq: LOOK) information technology operation.

Teck Resources (NYSE: TCK) and Goldcorp (NYSE: GG) will combine their El Morro and Relincho projects in Chile.

Linn Energy (Nasdaq: LINE) and LinnCo (Nasdaq: LNCO) appointed David B. Rottino to the position of chief financial officer of both companies on Monday night.

Surging crude oil prices lifted shares of Petrobas (NYSE: PBR).

On the downside

1-800-Flowers.com (Nasdaq: FLWS) fell to a loss for the fourth quarter.

Patterson Companies (Nasdaq: PDCO) disappointed with sharply lower first quarter earnings.

In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 leaped 44 points to 1,985. Bitcoin added $2 to $226.