The markets soared to close higher with the Dow gaining 93 points to 12,554 as Spain prepared to request financial assistance for its ailing banks. Nasdaq climbed 27 points to 2858.

On the upside

Shares of Sprint (NYSE: S) continued rising after announcing yesterday that the company's Virgin Mobile prepaid unit would begin offering a prepaid iPhone 4 and iPhone 4S on Friday, June 29, 2012.

Tempur-Pedic International (NYSE: TPX) has been repurchasing company stock in the open market as part of its share repurchase authorization.

Exide Technologies (Nasdaq: XIDE) narrowed fourth quarter losses as revenue rose to top analyst estimates.

On the downside

Shares of Patriot Coal (NYSE: PCX) fell after rival coal miner Alpha Natural Resources (NYSE: ANR) said that it would close at least four mines due to weak demand.

AU Optronics (NYSE: AUO) reported lower consolidated revenue in May.

Progress Software (Nasdaq: PRGS) warned that second quarter earnings and revenue would fall far short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 769.