Google's impressive earnings lifted the markets sharply higher during the midday with the Dow leaping 235 points to 12,856. The tech-heavy Nasdaq jumped 61 points to 2403.

On the upside

PMC-Sierra (Nasdaq: PMCS) widened first quarter losses as expenses outpaced revenue but the results were better than expected.

MF Global (NYSE: MF) expects to report higher fourth quarter revenue and profit as trading volume increased.

While Tempur Pedic (NYSE: TPX) blamed the weak economy for sharply lower first quarter earnings, revenue beat estimates and the mattress maker forecast 2008 results above expectations.

On the downside

Tomotherapy (Nasdaq: TOMO) cut its full year earnings outlook as customers delay their orders.

Evergreen Solar (Nasdaq: ESLR) narrowed first quarter losses as sales rose but the solar power company forecast second quarter results below estimates.

Falling gold prices weighed down shares of Barrick Gold (NYSE: ABX) and Goldcorp (NYSE: GG) .

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 721.