Unexpectedly Strong Home Sales Boost Markets

A greater than expected gain in existing home sales lifted the markets to a sharply higher close with the Dow leaping 188 points to 9069. Nasdaq surged 47 points to 1973.

On the upside

Affymetrix (Nasdaq: AFFX) reversed year ago losses to post a second quarter profit that surpassed analyst expectations.

Intuitive Surgical (NYSE: ISRG) reported better than expected second quarter earnings and revenue.

A jury awarded Valassis Communications (Nasdaq: VCI) $300 million in a lawsuit against News America Marketing.

On the downside

Repros Therapeutics (Nasdaq: RPRX) reported that patients in a uterine fibroid treatment study who experienced adverse effects continue to have elevated levels of liver enzymes.

Second quarter earnings for Goodrich (NYSE: GR) slipped due to the launch of a joint venture.

Reliance Steel & Aluminum (NYSE: RS) posted its first ever quarterly loss as a publicly traded company.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 545.