Stocks Leap on Better Manufacturing Outlook Overseas

Better than expected manufacturing reports from Asia and Europe provided investors with a reason to buy stocks again.  Meanwhile, oil prices rose above the $68 a barrel mark.  The Dow soared more than 150 points to 8660 while Nasdaq surged nearly 40 points to 1815.

On the upside

Ireland-based Elan Corp. (NYSE: ELN) was reportedly in talks to sell a stake to Bristol-Myers Squibb (NYSE: BMY).

Shares of Freeport-McMoran Copper and Gold (NYSE: FCX) surged as investors anticipated a rally in commodity prices.

The airline sector rose on an analyst upgrade.  Shares of Delta Air lines (NYSE: DAL) and AMR Corp. (NYSE: AMR) posted solid gains.

Shares of Cisco Systems (Nasdaq: CSCO) joined the market-wide rally.  There was also speculation that the networking equipment giant may join the esteemed Dow Jones Industrials as a replacement for General Motors (NYSE: GM).

On the downside

Shares of General Motors (NYSE: GM) tumbled to new lows as the beleaguered automaker proceeded with plans to file for bankruptcy. 

OncoGenex Pharmaceuticals (Nasdaq: OGXI) reported positive results for its prostate cancer drug trials, but investors were lukewarm with the unusual weekend announcement.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 13 points to 514.