Strong gain in home sales lifts markets

Existing home sales climbed more than expected to lift the markets to a higher open with the Dow soaring 128 points to 17,563. Nasdaq surged 55 points to 4,768.

On the upside

Applied Materials (Nasdaq: AMAT) reported better than expected earnings for the second quarter and forecast current quarter results ahead of estimates.

Ocean Rig (Nasdaq: ORIG) impressed with sharply higher first quarter earnings that surpassed expectations by a wide margin.

The U.S. Patent and Trademark Office issued an identification number for Cellectar Biosciences' (Nasdaq: CLRB) application for Phospholipid-Ether Analogs as Cancer Targeting Drug Vehicles.

On the downside

Abraxas (Nasdaq: AXAS) priced its public offering of 25 million common shares at the discounted price of $1.00 per share.

Foot Locker (NYSE: FL) reported higher first quarter earnings but revenue fell short of expectations.

Shares of Cheetah Mobile (NYSE: CMCM) extended its losses.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 climbed 14 points to 2,055. Bitcoin added $1 to $443.