Markets Surge Over Upbeat Earnings

Despite a larger than expected contraction of the nation's economy during the first quarter, the markets surged with the Dow soaring 149 points to 8166 over upbeat earnings. Nasdaq jumped 38 points to 1711.

On the upside

Psychiatric Solutions (Nasdaq: PSYS) reported higher first quarter earnings as patient services rose.

DreamWorks Animation (Nasdaq: DWA) impressed with first quarter earnings that more than doubled to surpass expectations by a wide margin.

Sunrise Senior Living (NYSE: SRZ) signed a twelfth amendment to its credit facility.

On the downside

First quarter earnings for Panera Bread (Nasdaq: PNRA) rose to match estimates but the stock price fell.

Although first quarter earnings for Aetna (NYSE: AET) rose, unexpected costs weighed down shares of the managed care company.

Total System Services (NYSE: TSS) disappointed with lower first quarter earnings as revenue fell and announced that it will sell its TSYS Debt Management subsidiary.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 16 points to 489.