Stocks surged in midday trading on earnings reports and as a global sell-off abated.
The S&P 500 rose 1.55% to 1,891.71. The Dow Jones Industrial Average rose 1.84% to 16,413.29. The Nasdaq rose 1.51% to 4,280.91.
The yield on a 10-year Treasury bond went up 2.28% to 2.20%.
The price of gold was down 0.20% to $1,238.70.
TECHNOLOGY
Aliso Viejo-based data and storage parts maker QLogic Corp. was up 16.1% to $11.08 and a market cap of $973 million after reporting second quarter results that topped analyst estimates. Revenue was up 13% to about $127 million and adjusted profits were up 10% to $22 million. Both figures beat projections. The company also said it would buy back up to $100 million in stock over the next 18 months.
EDUCATION
After briefly doubling in price this morning, Santa Ana-based Corinthian Colleges Inc. is up about 60% to 15 cents and a market cap of $13 million. The for-profit school operator agreed to a forbearance with its lenders and a company in its sector, Carmel, Ind.-based ITT Education Services Inc., yesterday reported a better than expected rate of student retention and a higher cash position. ITT was up more than 82% to $10.35 and a market cap of $242.4 million.
