Markets soar as worker productivity climbs

The markets traded sharply higher during the midday with the Dow surging 171 points to 16,229 as worker productivity climbed. Nasdaq soared 50 points to 4,686.

On the upside

Synergetics USA (Nasdaq: SURG) will be acquired by Valeant Pharmaceuticals (Nasdaq: VRX) for a premium of approximately $166 million.

Second quarter results for Vera Bradley (Nasdaq: VRA) topped analyst estimates prompting the company to lift its full year earnings outlook.

OFG Bancorp (NYSE: OFG) declared quarterly dividends on its preferred stock.

On the downside

Heartware International (Nasdaq: HTWR) will acquire privately held Valtech Cardio.

SFX Entertainment's (Nasdaq: SFXE) business operations have been negatively impacted by the downgrading of its corporate credit rating.

Cowen downgraded Republic Airways (Nasdaq: RJET) from a Market Perform rating to an Underperform rating.

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 gained 15 points to 1,928. Bitcoin added $2 to $227.