GM Advances, Markets Soar

Shares of General Motors climbed on its first trading day after emerging from bankruptcy to lift the markets to a sharply higher open with the Dow soaring 178 points to 11,186. Nasdaq surged 46 points to 2522.

On the upside

Kohl's (NYSE: KSS) will repurchase up to $1 billion worth of common stock and lifted its fourth quarter outlook. 

Staples (NYSE: SPLS) reported higher third quarter earnings as revenue rose to top estimates.

Although earnings slipped for American Eagle Outfitters (NYSE: AEO), revenue rose to surpass analyst expectations.

On the downside

Sears Holdings (Nasdaq: SHLD) widened third quarter losses more than expected as sales fell.

Humana (NYSE: HUM) forecast lower full year earnings for 2011 well below analyst estimates.

JM Smucker (NYSE: SJM) reported higher second quarter earnings that beat expectations but revenue fell short.

The Russell 2000 which tracks small cap stocks soared 14 points to 722.