Unemployment Claims Fall, Markets Soar

Initial applications for unemployment benefits fell last week sending the markets soaring during the midday with the Dow surging 122 points to 11,167. Nasdaq leaped 27 points to 2499.

On the upside

Akamai Technologies (Nasdaq: AKAM) reported higher first quarter earnings that topped analyst estimates as revenue climbed.

GrafTech International (NYSE: GTI) reported better than expected first quarter earnings and announced that it will pay approximately $692 million to acquire Seadrift Coke LP and C/G Electrodes LLC.

First quarter earnings for First Solar (Nasdaq: FSLR) rose to surpass expectations and the solar module maker lifted its full year outlook prompting upgrades.

On the downside

Although Harman International (NYSE: HAR) reversed year ago losses to post a better than expected third quarter profit, the company forecast disappointing results for fiscal year 2013.

Eastman Kodak (NYSE: EK) swung to a profit for the first quarter but earnings fell short of expectations.

First quarter earnings for Cameron (NYSE: CAM) rose but revenue missed estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 728.