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Markets rocket higher as construction spending surges

January construction spending surged sending the markets soaring during the midday with the Dow rocketing 326 points to 16,843. Nasdaq leaped 109 points to 4,667.


On the upside


ION Geophysical (NYSE: IO) implemented a plan to reduce the amount outstanding senior notes.


LSB Industries (NYSE: LXU) reported a smaller than expected loss for the fourth quarter.


Kite Pharma (Nasdaq: KITE) widened losses for the fourth quarter but investors welcomed the company's plans to expand and advance the clinical programs for KTE-C19.


On the downside


The Securities and Exchange Commission has initiated several investigations into Ocwen Financial (NYSE: OCN) over the company's business practices.


PTC Therapeutics (Nasdaq: PTCT) widened fourth quarter losses more than expected prompting downgrades.


Shares of Alitsource Portfolio Solutions (Nasdaq: ASPS) continued to plunge.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 leaped 39 points to 1,971. Bitcoin lost $3 to $432.

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