The markets closed modestly higher with the Dow rising 25 points to 11,117 as corporate earnings improved. Nasdaq climbed 20 points to 2500.

On the upside

Converted Organics (Nasdaq: COIN) shipped 60,000 gallons of an expected 100,000 gallon order of all-natural, organic liquid fertilizer to Biorem.

First quarter losses for Marshall & Ilsley (NYSE: MI) widened but the results beat expectations.

Journal Communications (NYSE: JRN) reported sharply higher first quarter earnings that surpassed analyst estimates.

On the downside

The Food and Drug Administration questioned whether the formulation of Acura Pharmaceuticals' (Nasdaq: ACUR) pain medication Acurox deters possible abuse.

First quarter earnings for Jefferies Group (NYSE: JEF) nearly doubled but the stock price tumbled as investors locked in profits.

While Supervalu (NYSE: SVU) swung to a fourth quarter profit, the grocery store chain operator forecast disappointing 2011 results.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 10 points to 721.