The markets closed higher with the Dow gaining 45 points to close at a record 16,580 after the Federal Reserve said that the nation's economy improved recently. Nasdaq rose 11 points to 4,114.
On the upside
A district court ruled in favor of Avanir Pharmaceuticals (Nasdaq: AVNR) in its patent infringement suit against Par Pharmaceuticals and Impax Laboratories.
LogMeIn (Nasdaq: LOGM) reported higher first quarter earnings and revenue that beat analyst expectations prompting the company to lift its full year revenue outlook.
U. S. Silica Holdings (NYSE: SLCA) reported higher first quarter earnings and revenue that topped analyst estimates.
On the downside
Lihua International (Nasdaq: LIWA) will investigate allegations that chairman and chief executive Zhu Jianhua diverted company assets.
First quarter earnings fell for Regional Management (NYSE: RM) even as revenue rose.
Cray (Nasdaq: CRAY) widened losses for the first quarter as revenue plunged.
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 4 on Nasdaq. The broader S&P 500 rose 5 points to 1883. Bitcoin added $2.44 or 0.55% to $444.09.
