The markets rose during the midday in anticipation of another interest rate cut. The Dow soared 110 points to 12,942 while Nasdaq climbed 17 points to 2443.
On the upside
Although first quarter earnings tumbled for Arris Group (Nasdaq: ARRS), the results surpassed estimates prompting an upgrade.
International growth boosted first quarter earnings for Cummins (NYSE: CMI) to beat analyst expectations.
CommScope (NYSE: CTV) swung to a first quarter loss due to acquisition related charges but the results topped estimates.
On the downside
Although strong demand lifted first quarter earnings for Garmin (Nasdaq: GRMN), the results fell short of analyst expectations.
Chicago Bridge & Iron (NYSE: CBI) reported higher first quarter earnings but the results missed estimates due to higher expenses.
Valero Energy (NYSE: VLO) blamed soaring crude oil prices that weighed down margins for sharply lower first quarter earnings.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 725.