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Higher close on upbeat earnings

Upbeat earnings news boosted the markets to a sharply higher close with the Dow leaping 212 points to 24,573. Nasdaq climbed 49 points to 7156.


On the upside


Intelsat (NYSE: I) subsidiary Intelsat General is part of a team of companies that was awarded an order to develop and operate a satellite payload for the Federal Aviation Administration.


Navistar International (NYSE: NAV) may be acquired by Volkswagen.


Analysts expect Carvana (NYSE: CVNA) to post a profit in 2020.

On the downside


The Commerce Department's ban on sales to ZTE will negatively impact revenue for Acadia Communications (Nasdaq: ACIA), which received 30% of its 2017 revenue from the Chinese telecommunications equipment maker.


Clovis Oncology (Nasdaq: CLVS) announced a public offering of convertible senior notes and common stock.


Shares of optical components maker Oclaro (Nasdaq: OCLR) tumbled after the Commerce Department issued a ban on sales of Chinese telecommunications equipment maker ZTE.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 21 points to 2,677. Bitcoin sank $308 to $8,003.


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