Markets Rally In Late Afternoon To Higher Close

Despite a disappointing drop in existing home sales, the markets rallied in late afternoon trading to close higher with the Dow climbing 70 points to 7957 as several regional banks posted better than expected earnings. Nasdaq gained 6 points to 1652.

On the upside

Although Royal Caribbean Cruises (NYSE: RCL) swung to a loss for the first quarter, the results were better than expected.

Marriott International (NYSE: MAR) posted a first quarter loss but the results topped analyst estimates.

Shares of Developers Diversified Realty (NYSE: DDR) surged ahead of its earnings release after market close.

On the downside

Anadys Pharmaceutical (Nasdaq: ANDS) reported upbeat trial results for its hepatitis C treatment ANA598 but a number of patients developed rashes which prompted them to drop out of the studies while sparking safety concerns.

Old Republic International (NYSE: ORI) widened first quarter losses as revenue tumbled.

Bunge (NYSE: BG) swung to a first quarter loss as sales tumbled prompting the company to cut its full year guidance.

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE while decliners edged out advancers by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 466.