The markets climbed during the midday with the Dow soaring 127 points to 13,114 over news that the Conference Board's index of leading economic indicators edged up 0.1% in April. While the gain was modest, it was greater than the expected 0.1% decrease. Nasdaq jumped 18 points to 2547.
On the upside
Shaw Group (NYSE: SGR) announced that the U. S. Navy awarded the engineering and construction company a contract worth up to $150 million to clean up environmentally contaminated sites.
The board of Mobile TeleSystems (NYSE: MBT) recommended that the cellular services provider pay a 2007 dividend of 62.3 cents per share, 53% more than the 2006 dividend, as earnings surged.
The sale of Campbell Soup's (NYSE: CPB) Godiva brand lifted third quarter earnings for the food company but adjusted earnings fell short of estimates as soup sales dropped.
On the downside
The $34.8 billion buyout of BCE (NYSE: BCE) is on hold after the banks funding the acquistion changed conditions of the finance agreement to include higher interest rates.
Perfect World (Nasdaq: PWRD) reported first quarter earnings and revenue that surpassed estimates due to the introduction of Chi Bi, a new online 3D game.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 747.