Markets Rocket To Sharply Higher Close On Upbeat Earnings

The markets rocketed to a sharply higher close with the Dow jumping 208 points to 10,674 on upbeat earnings results. Nasdaq leaped 40 points to 2295.

On the upside

Domtar (NYSE: UFS) reported lower second quarter earnings on Friday but the results surpassed analyst expectations by a wide margin.

SolarWinds (NYSE: SWI) will repurchase up to $25 million worth of common shares.

Triple-play and VSAT services provider Wananchi Group in Africa selected Cisco (Nasdaq: CSCO) to provide network technology solutions and services.

Baird analyst Tristan Gerra downgraded Micron Technology (Nasdaq: MU) but the stock price rose.

Ford Motor (NYSE: F) completed the sale of is Volvo brand to Zhejiang Geely Holding Group.

Western Gas Partners (NYSE: WES) will pay approximately $498 million to acquire gas gathering assets in Colorado from Anadarko Petroleum (NYSE: APC).

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 661.