Upbeat earnings in the tech sector lifted the markets to a higher close with the Dow climbing 108 points to 12,379. Nasdaq soared 45 points to 2361.
On the upside
First quarter earnings for Qualcomm (Nasdaq: QCOM) rose as revenue increased.
Nokia (NYSE: NOK) reported sharply higher fourth quarter earnings as the company sold a record number of handsets.
Symantec (Nasdaq: SYMC) reported higher third quarter earnings that beat expectations and forecast fourth quarter results above estimates.
On the downside
Fitch Ratings downgraded Security Capital Assurance (NYSE: SCA) after the company abandoned a plan to raise $2 billion. Shares of fellow bond insurers Ambac Financial (NYSE: ABK) and MBIA (NYSE: MBI) fell as well.
WellCare Health Plans (NYSE: WCG) is in negotiations with chairman and CEO Todd Farha, CFO Paul Behrens and general counsel Thaddeus Bereday to terminate their employment.
Raymond James Financial (NYSE: RJF) reported lower first quarter earnings as revenue fell.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 693.