Consumer sentiment unexpectedly climbed to a seven year high sending the markets soaring during the midday with the Dow rocketing 300 points to 16,417. Nasdaq leaped 64 points to 4,281.

On the upside

General Electric (NYSE: GE) reported higher third quarter earnings as revenue rose.

Shares of Zayo Group Holdings (NYSE: ZAYO) soared in its market debut.

QLogic (Nasdaq: QLGC) reported flat earnings for the second quarter but the results were better than expected.

On the downside

Profit taking weighed down shares of Alpha Natural Resources (NYSE: ANR).

Athenahealth (Nasdaq: ATHN) fell to a loss for the third quarter.

Medicare Administrative Contractor Palmetto GBA issued a draft local coverage determination to reimburse approximately 50% of low and very low risk prostate cancer patient receiving Myriad Genetics' (Nasdaq: MYGN) Prolaris.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 leaped 29 points to 1892. Bitcoin slipped $2 to $374.