Markets advance as housing starts soar

The markets extended its gains during the midday with the Dow advancing 74 points to 16,913 as housing starts climbed. Nasdaq gained 14 points to 4523.

On the upside

China HGS Real Estate (Nasdaq: HGSH) signed its first shanty area rebuilding framework agreement with the Hantai District in Hanzhong City.

Newcastle Investment (NYSE: NCT) completed its public offering of 40 million common shares with gross proceeds of approximately $176 million.

Skilled Healthcare Group (NYSE: SKH) will merge with Genesis HealthCare in an all-stock transaction.

On the downside

Jumei International Holding (NYSE: JMEI) reported higher second quarter earnings and revenue but the stock price dropped.

Oncothyreon (Nasdaq: ONTY) reported disappointing results from a Phase 1/2 trial of its lung cancer treatment tecemotide.

Second quarter earnings and revenue rose for Perfect World (Nasdaq: PWRD) but revenue fell short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 climbed 8 points to 1980. Bitcoin gained $27 to $479.

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