European Union Unveils $1 Trillion Rescue Plan

The European Union unveiled a $1 trillion plan to contain its financial crisis sparking a buying frenzy with the Dow roaring 404 points to 10,785. Nasdaq leaped 109 points to 2374.

On the upside

Poniard Pharmaceuticals (Nasdaq: PARD) narrowed first quarter losses.

Novavax (Nasdaq: NVAX) widened first quarter losses as flu research spending surged but revenue rose.

Oppenheimer upgraded Rubicon Technology (Nasdaq: RBCN).

CPI International (Nasdaq: CPII) will be acquired by Comtech Telecommunications (Nasdaq: CMTL) for approximately $289 million in cash and stock.

Roth Capital initiated coverage of Telestone Technologies (Nasdaq: TSTC) with a Buy rating.

Shares of M/I Homes (NYSE: MHO) rose ahead of its presentation at the 9th Annual JMP Securities Research Conference tomorrow.

In the broad market, advancing issues outpaced declinrs by a margin of 10 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 36 points to 689.