Gain in existing home sales boost markets

A better than expected gain in September existing home sales sent the markets soaring during the midday with the Dow jumping 195 points to 16,595. Nasdaq leaped 88 points to 4,404.

On the upside

Orexigen Therapeutics (Nasdaq: OREX) announced yesterday the introduction of extended release tablets of its obesity treatment Contrave.

Air fare increases on domestic flights lifted shares of American Airlines (NYSE: AAL). 

Apple (Nasdaq: AAPL) reported higher fourth quarter earnings and revenue that beat analyst expectations on strong iPhone sales and forecast current quarter revenue ahead of estimates.

On the downside

Rhino Resourse Partners (NYSE: RNO) slashed its quarterly dividend.

New York’s Department of Financial Services discovered that Ocwen Financial (NYSE: OCN) sent backdated letters about loan modifications and foreclosures to borrowers.

Profit taking weighed down shares of NQ Mobile (NYSE: NQ).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 leaped 30 points to 1934. Bitcoin added $3 to $385.

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