The markets opened sharply higher with the Dow soaring 112 points to 15,499 after Federal Reserve chairman Ben Bernanke said that continued stimulus measures were necessary to sustain the fragile economy. Nasdaq climbed 24 points to 3526.
On the upside
Goodman Networks will pay a premium of $3.25 per share in cash to acquire Multiband (Nasdaq: MBND).
Saks (NYSE: SKS) retained the services of Goldman Sachs to explore strategic alternatives including a possible sale.
Cleantech Solutions (Nasdaq: CLNT) received certification to supply components to China Petroleum and Chemical Corporation and China National Petroleum Corporation.
On the downside
Investors locked in profits on Suntech Power (NYSE: STP).
CVR Partners (NYSE: UAN) priced its secondary offering of 12 million common units.
Target (NYSE: TGT) reported lower first quarter earnings that fell short of expectations and cut its full year earnings outlook.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index climbed 13 points to 1683.
