Germany's Economic Rebound Boosts Markets
Strong economic data from Germany and an appetite for Spanish debt fueled a rally with the Dow surged 250 points to 12,016. Nasdaq leaped 60 points to 2583.
On the upside
Share of AT&T (NYSE: T) rose after calling off a possible acquisition for T-Mobile due to its inability to overcome antitrust concerns.
TransCanada Corp. (NYSE: TRP) announced an agreement to pay $470 million for 86 megawatt of solar power projects in Ontario from a unit of panel maker Canadian Solar Inc. (Nasdaq: CSIQ).
Cobalt International Energy (NYSE: CIE) entered into another offshore drilling contract in West Africa.
Shares of Apple (Nasdaq: AAPL) rose sharply after the U.S. International Trade Commission ruled against HTC in a patent-infringement case involving smart phone technology.
On the downside
Targacept (Nasdq: TRGT) announced disappointing results for its depression drug Phase 3 trials.
Shares of Research in Motion (Nasdaq: RIMM) traded at multi-year lows as investors continued to worry about plummeting sales and product launch delays.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 20 points to 729.
