Optimism that economist Mario Monti will replace Premier Silvio Berlusconi lifted that markets to a sharply higher close with the Dow soaring 112 points to 11,893. Nasdaq rose 3 points to 2625.

On the upside

Viacom (NYSE: VIAB) reported sharply higher fourth quarter earnings that tripled and increased its stock repurchase plan to $10 billion.  

Brean Murray Carret & Co. analysts said that their $98 price target for Cabot Oil & Gas (NYSE: COG) appeared conservative. 

Aegean Marine Petroleum (NYSE: ANW) slipped to a loss for the third quarter but the results were better than expected.

On the downside

Computer Sciences (NYSE: CSC) blamed significant charges for swinging to a loss for the second quarter and cut its full year outlook.

Shares of IntraLinks (NYSE: IL) continued falling after reporting third quarter earnings below estimates and forecasting fourth quarter results that fell short of expectations.   

Quad/Graphics (NYSE: QUAD) reported higher third quarter earnings but the results missed estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 725.