Markets Soar As Jobless Claims Drop

A drop in jobless applications sent the markets soaring to a sharply higher close with the Dow leaping 130 points to 14,831. Nasdaq jumped 41 points to 3340.

On the upside

SunPower (Nasdaq: SPWR) narrowed first quarter losses more than expected as revenue climbed.

First quarter earnings slipped for Hornbeck Offshore Services (NYSE: HOS) but the results surpassed analyst expectations and revenue climbed.

STAAR Surgical (Nasdaq: STAA) reported higher first quarter earnings as revenue rose.

On the downside

A Food and Drug Administration advisory panel recommended that Aveo Pharmaceuticals' (Nasdaq: AVEO) kidney cancer treatment Tivopath not be approved.

PBF Energy (NYSE: PBF) reversed year ago losses to post a profit for the first quarter but the company spent more than expected to purchase renewable fuel credits.

Shares of Insys Therapeutics (Nasdaq: INSY) plunged on its first trading day.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index climbed 14 points to 1597.

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