Surprising Growth In GDP Sends Markets Soaring

A surprising expansion of the nation's economy for the first time in over a year fueled a buying frenzy to lift the markets to a sharply higher close with the Dow rocketing 199 points to 9962. Nasdaq surged 37 points to 2097.

On the upside

Third quarter earnings and revenue surged for AsiaInfo Holdings (Nasdaq: ASIA).

Revlon (NYSE: REV) surprised analysts by swinging to a profit on a continuing operations basis.

Carbo Ceramics (NYSE: CRR) reported third quarter earnings that surpassed analyst estimates by a wide margin.

On the downside

Central Pacific Financial (NYSE: CPF) reported a record quarterly loss due to charges.

CIT (NYSE: CIT) rejected billionaire investor Carl Icahn's loan offer to secure a new $4.5 billion credit facility.

K-SEA (NYSE: KSP) warned that it may fall out of compliance with some financial covenants and cut its quarterly dividend prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 13 points to 580.

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