An unexpected gain in factory orders along with expansion in the service sector lifted the markets higher during the midday. The Dow jumped 186 points to 13,434 while Nasdaq leaped 49 points to 2669.
On the upside
An analyst upgraded Collective Brands (NYSE: PSS) after the shoe retailer beat expectations for the third quarter.
CommScope (NYSE: CTV) lifted its fourth quarter revenue guidance due to positive sales trends.
On the downside
Top Tankers (Nasdaq: TOPT) will offer 21 million common shares at $3 per share in order to raise funds to repay debt.
Chico's FAS (NYSE: CHS) reported sharply lower third quarter earnings as sales dropped and forecast fourth quarter results below expectations.
US Airways (NYSE: LCC) reported at 4.6% drop in traffic in November as the airline lowered domestic capacity while increasing European capacity.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points to 767.