A modest gain in construction spending along with strong corporate earnings sent the markets soaring during the midday with the Dow leaping 186 points to 10,652. Nasdaq climbed 35 points to 2290.
On the upside
The Food and Drug Administration conditionally approved EnteroMedics' (Nasdaq: ETRMD) neuroblocking Maestro RC System for treating obesity.
PolyOne (NYSE: POL) reversed year ago losses to post a better than expected profit for the second quarter as revenue soared.
Cliffs Natural Resources (NYSE: CLF) completed its acquisition of the West Virginia coal operations of INR Energy.
On the downside
Radio One (Nasdaq: ROAIK) once again extended the expiration date of its senior subordinated notes exchange offer.
JP Morgan analyst Cory Kasimov downgraded Arena Pharmaceuticals (Nasdaq: ARNA) due to concerns about the company's experimental obesity treatment Ioraserin.
The United Arab Emirates and Saudi Arabia will suspend Research in Motion's BlackBerry (Nasdaq: RIMM) services for violating regulations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 658.
