Markets Right Now: Stocks jump on strong company earnings

The latest on developments in financial markets (All times local):

4 p.m.

Stocks are closing solidly higher on Wall Street, driven by strong earnings from Wal-Mart Stores, Cisco Systems and other companies.

The gains Thursday broke a two-day losing streak for the market and pushed the Nasdaq composite to another record high, its first in just over a week.

Internet gear maker Cisco Systems rose 5.2 percent after reporting a bigger profit than analysts expected. Cisco said revenue should grow in this quarter after two years of declines.

Wal-Mart jumped 10.9 percent after posting strong sales.

The Standard & Poor's 500 index gained 21 points, or 0.8 percent, to 2,585.

The Dow Jones industrial average rose 187 points, or 0.8 percent, to 23,458. The Nasdaq gained 87 points, or 1.3 percent, to 6,793.

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11:45 a.m.

Strong earnings from Wal-Mart Stores, Cisco Systems and other companies are driving U.S. stocks higher on Wall Street.

The solid gains in midday trading Thursday erased modest declines from the day before.

Wal-Mart jumped 8 percent after it posted strong sales. The retailer said online sales continued to surge and food sales were strong as well.

Internet gear maker Cisco Systems rose 6 percent after it reported a bigger profit than analysts expected and said revenue should grow in this quarter after two years of declines.

The Standard & Poor's 500 index gained 18 points, or 0.7 percent, to 2,583.

The Dow Jones industrial average rose 182 points, or 0.8 percent, to 23,454. The Nasdaq composite gained 78 points, or 1.2 percent, to 6,784.

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9:35 a.m.

Stocks are jumping as big-name companies including Wal-Mart and Cisco rise. A day ago, stocks suffered their worst decline in two months.

Wal-Mart climbed 6 percent Thursday after it posted strong sales. The retailer said online sales continued to surge and food sales were strong as well.

Internet gear maker Cisco Systems rose 6.3 percent after it reported a bigger profit than analysts expected and said revenue should grow in its next quarter after two years of declines.

The Standard & Poor's 500 index gained 13 points, or 0.5 percent, to 2,577.

The Dow Jones industrial average rose 142 points, or 0.6 percent, to 23,413. The Nasdaq composite gained 50 points, or 0.8 percent, to 6,756.