Markets Rally As Jobless Claims Fall

The markets extended its gains during the midday with the Dow leaping 345 points to 11,065 as initial applications for jobless claims unexpectedly fell. Nasdaq jumped 91 points to 2472.

On the upside

AOL (NYSE: AOL) will repurchase $250 million worth of company stock.

Second quarter earnings fell for Brinker International (NYSE: EAT) but the results beat expectations and the casual dining chain operator forecast 2012 results ahead of estimates.

QuinStreet (Nasdaq: QNST) reported higher fourth quarter revenue.

IntraLinks (NYSE: IL) will provide a Software-as-a-Service solution for law firm Mallesons Stephen Jacques.

On the downside

Briggs & Stratton (NYSE: BGG) disappointed with a loss for the fourth quarter as revenue fell.

Niska Gas Storage Partners (NYSE: NKA) reported higher first quarter earnings but revenue fell far short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 24 points to 684.