A late afternoon buying spree boosted the markets to a higher close with the Dow soaring 299 points to 12,270. Nasdaq climbed 24 points to 2316.

On the upside

YRC Worldwide (Nasdaq: YRCW) rescheduled its fourth quarter earnings call to 2:00 pm on Monday, January 28, the same time as a previously announced analyst meeting.

Second quarter earnings for Ethan Allen (NYSE: ETH) slipped as expenses rose but the results surpassed expectations.

Shares of Pulte Homes (NYSE: PHM) rose as mortgage applications increased 8.3%.

On the downside

First Cash Financial Services (Nadsaq: FCFS) blamed special charges for sharply lower fourth quarter earnings that fell short of expectations and slashed its full year guidance.

Shares of Suntech Power Holdings (NYSE: STP) fell as oil prices retreated.

Although fourth quarter earnings for CNH Global (NYSE: CNH) surged more than three times last year, the results missed expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 22 points to 693.