Bargain hunters lifted the markets to a sharply higher close with the Dow soaring 146 points to 12,735. Nasdaq surged 34 points to 2475.
On the upside
Perficient (Nasdaq: PRFT) raised it fourth quarter sales guidance.
Higher volume and more favorable pricing prompted Oneok Partners (NYSE: OKE) to lift its 2007 earnings outlook.
On the downside
LSI Industries (Nasdaq: LYTS) blamed disappointing sales and customer delays for warning that both second quarter earnings as well as 2008 results will fall short of expectations.
Standard & Poor's affirmed the junk status of WCI Communities (NYSE: WCI) citing acute liquidity challenges for the homebuilder.
Concerns about rising home loan delinquency rates weighed down shares of mortgage insurer PMI Group (NYSE: PMI).
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 712.