Markets advance despite disappointin data
Despite a contraction of the nation's economy in the first quarter, the markets advanced during the midday with the Dow gaining 41 points to 16,860. Nasdaq climbed 28 points to 4,378.

On the upside

Owens & Minor will buy Medical Action Industries (Nasdaq: MDCI) in a cash deal valued at approximately $204 million.

Shares of Sinclair Broadcast Group (Nasdaq: SBGI) surged after the Supreme Court ruled that Aereo's streaming service violated copyright laws.

The Food and Drug Administration approved Nanosphere's (Nasdaq: NSPH) Verigene Enteric Pathogens Nucleic Acid Test for bacteria.

On the downside

Valero Energy (NYSE: VLO) stock fell after the U.S. government granted permission to export condensate to two of Valero's competitors.

Heron Therapeutics (Nasdaq: HRTX) priced its offering of 4.5 million common shares at the discounted price of $11.75 per share.

CVR Refining (NYSE: CVRR) priced its public offering of 6.5 million common units at the discounted price of $26.07 per common unit.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 the NYSE and by nearly 7 to 5 on Nasdaq. The broader S&P 500 gained 8 points to 1958. Bitcoin eased $1.07 or 0.18% to $584.40.
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