Upbeat corporate earnings along with an increase in March pending home sales boosted the markets to a sharply higher close with the Dow soaring 113 points to 13,204. Nasdaq climbed 20 points to 3050.
On the upside
PulteGroup (NYSE: PHM) narrowed first quarter losses as increasing home prices boosted revenue.
First quarter earnings slipped for Citrix Systems (Nasdaq: CTXS) but the results surpassed analyst expectations prompting the software firm to lift its full year guidance.
Incyte (Nasdaq: INCY) widened first quarter losses but revenue rose and the results were better than expected.
On the downside
Akamai Technologies (Nasdaq: AKAM) reported lower first quarter earnings and forecast current quarter income below estimates.
Goldcorp (NYSE: GG) reported higher first quarter earnings but the results missed analyst expectations.
Tenet Healthcare (NYSE: THC) blamed increasing bad debt for reporting lower preliminary first quarter earnings.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 818.