Reassurances that the European Central Bank will act to support the euro sent the markets soaring during the midday with the Dow jumping 187 points to 12,863. Nasdaq climbed 30 points to 2884. On the upside
LSI (NYSE: LSI) reported sharply higher second quarter earnings that more than doubled to beat expectations as revenue surged. Second quarter earnings soared for MetroPCS (NYSE: PCS) to surpass analyst estimates by a wide margin and announced that it will successfully implement its 4G LTE network by the end of the third quarter. Terex (NYSE: TEX) reported second quarter earnings that soared as revenue jumped. On the downside The Interpublic Group of Companies (NYSE: IPG) reported lower second quarter earnings as revenue slipped to fall short of expectations. Timken (NYSE: TKR) reported higher second quarter earnings and revenue but the company revenue missed estimates and the company cut its earnings guidance for the year. First quarter earnings fell for Quality Systems (Nasdaq: QSII) to miss expectations by a wide margin. In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 773.