The Chinese economy expanded at a greater than expected pace of 7.4% in the first quarter to lift the markets to a sharply higher open with the Dow soaring 98 points to 16,360. Nasdaq gained 28 points to 4,062.
On the upside
Zalicus (Nasdaq: ZLCS) will merge with Epirus Biopharmaceuticals.
A district court issued an injunction prohibiting Massachusetts from banning the sale of Zogenix's (Nasdaq: ZGNX) pain medication Zohydro.
Yahoo (Nasdaq: YHOO) reported lower first quarter earnings but the results topped analyst estimates.
On the downside
xG Technology (Nasdaq: XGTI) priced its public offering of 5.265 million common shares at the discounted price of $1.90 per share.
Linear Technology (Nasdaq: LLTC) reported higher third quarter earnings and revenue but revenue fell short of expectations.
First quarter earnings soared for ASML Holdings (Nasdaq: ASML) but the company warned of slowing revenue in the current quarter and lowered its sales guidance for the first half of the year.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by a margin of nearly 7 to 2 on Nasdaq. The broader S&P 500 rose 9 points to 1852. Bitcoin edged up $1.29 or 0.26% to $507.29.