Investors cheered the withdrawal of Larry Summers’ as a candidate for the chair of the Federal Reserve. The markets closed sharply higher with the Dow soaring 118 points to 15,494. Nasdaq slipped 4 points to 3717.

On the upside

Forbes noted that insiders have been acquiring shares of Hilltop Holdings (NYSE: HTH) in the last six months.

Speculation that AVG Technologies (NYSE: AVG) may be acquired lifted shares of the Internet security software solutions provider.

Rumors that the potash cartel in the Urals region may be re-established lifted share of Intrepid Potash (NYSE: IPI).

On the downside

Investors locked in profits on NQ Mobile (NYSE: NQ).

Profit taking weighed down shares of Fusion-io (NYSE: FIO).

Shares of Miller Energy Resources (NYSE: MILL) fell as investors took profits.  

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 gained 9 points to 1697.