Markets soar as NY Fed ups 2nd quarter GDP

The markets traded higher during the midday with the Dow soaring 105 points to 17,541 after the New York Federal Reserve boosted its estimate for the nation's second quarter economic expansion. Nasdaq leaped 64 points to 4,777.

On the upside

Oil Search will pay a premium of approximately $2.2 billion in cash and stock to acquire InterOil (NYSE: IOC).

Amplify Snack Brands (NYSE: BETR) priced its public offering of 10 million common shares at the discounted price of $11.25 per share.

Keysight Technologies (NYSE: KEYS) reported better than expected earnings and revenue for the second quarter.

On the downside

A jury ruled against Neovasc (Nasdaq: NVCN) in a breach of contract suit and awarded CardiAQ $70 million for trade secret claim for relief.

New York & Co. (NYSE: NWY) widened losses for the first quarter as revenue slipped.

Third quarter earnings fell for Campbell Soup (NYSE: CPB).

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 climbed 15 points to 2,055. Bitcoin edged up a fraction to $442.