Possible Debt Ceiling Plan Boosts Markets

A potential plan to lift the debt ceiling sent the markets soaring to a sharply higher open with the Dow leaping 179 points to 14,982. Nasdaq jumped 53 points to 3731.

On the upside

Bargain hunters snapped up shares of Alcatel-Lucent (NYSE: ALU).

A Seeking Alpha contributor wrote that Best Buy (NYSE: BBY) was worth $50 per share.

Acura Pharmaceuticals (Nasdaq: ACUR) settled a patent infringement case filed against Par Pharmaceutical and Impax Laboratories (Nasdaq: IPXL).

On the downside

Citrix Systems (Nasdaq: CTXS) warned that third quarter earnings and revenue would fall short of analyst expectations.

Ruby Tuesday (NYSE: RT) fell to a loss for the first quarter.

Quest Diagnostics (NYSE: DGX) warned that third quarter earnings would miss analyst estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The broader S&P 500 soared 20 points to 1676.

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