Upbeat earnings sent the markets soaring to a sharply high open with the Dow surging 112 points to 15,583. Nasdaq gained 10 points to 3620.
On the upside
Supervalu (NYSE: SVU) impressed with sharply higher first quarter earnings that more than doubled to beat analyst expectations.
Shares of OncoMed Pharmaceuticals surged in its market debut (Nasdaq: OMED).
Johnson Controls (NYSE: JCI) reported higher third quarter earnings that topped analyst estimates and forecast current quarter earnings ahead of expectations.
On the downside
Second quarter earnings fell for eBay (Nasdaq: EBAY) prompting a downgrade.
Taiwan Semiconductor (NYSE: TSM) reported higher second quarter earning but company forecast third quarter revenue that fell short of expectations.
Jakks Pacific (Nasdaq: JAKK) fell to a loss for the second quarter prompting the toy maker to cut its full year outlook.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index gained 11 points to 1692.
