Bargain hunters lifted the markets in late afternoon trading with the Dow rocketing 553 points to 8835. Nasdaq leaped 97 points to 1597.
On the upside
EBay (Nasdaq: EBAY) vendor Eforcity became the first to receive one million positive feedback points from buyers.Although Applied Materials (Nasdaq: AMAT) reported lower fourth quarter earnings, the results topped estimates.
Second quarter revenue for NetApp (Nasdaq: NTAP) rose to surpass analyst expectations.
On the downside
K-V Pharmaceutical (NYSE: KVA) posted a preliminary second quarter loss and withdrew its earnings and revenue guidance for 2009.
Perry Ellis International (Nasdaq: PERY) blamed disappointing consumer spending for warning that third quarter results will fall short of expectations prompting a downgrade.
TigerLogic (NYSE: TIGR) swung to a loss for the second quarter as revenue fell.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 10 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 38 points to 491.
